P.R. Laws tit. 7, § 3031
In the case of the sale, exchange, disposition or transfer of private proprietary interests in a fund (including that related to the total liquidation of the fund), any capital gain attributable to the investment in private proprietary interests in the fund shall be subject to a tax of ten percent (10%) on the amount in excess of any net long-term capital gain on any net short-term loss of capital. Any individual, succession, trust, partnership or corporation that is an investor of the fund, can opt to include said gain as part of his/her gross income on the income tax return for the year in which said gain is recognized and pay a tax pursuant to the normal tax rates, whichever is of more benefit for the taxpayer.
The tax imposed in this section shall be paid as provided in §§ 8401 et seq. of Title 13.
History —Jan. 28, 2000, No. 46, § 12.