P.R. Laws tit. 13, § 30534
(a) General rule. — Upon determining his/her tax liability, each regular and special member shall take into consideration, separately, his/her distributive share of the income, gains or losses of the special employee-owned corporation, as well as the distributive share of the credit notices for productivity and patronage credited, for any taxable year of the special corporation ended within or simultaneously with the taxable year of such regular or special member, with respect to:
(1) Gains and losses from the sale or exchange of capital assets;
(2) gains and losses from the sale or exchange of property described in § 30141(i) of this title;
(3) contributions made to the entities described in § 30135(a)(3) of this title;
(4) dividends with respect to which the provisions of § 30086 of this title apply;
(5) tax withheld on the dividends described in clause (4);
(6) taxes described in § 30201 of this title;
(7) other items of income, gains, losses, deductions or credits, as established by the Secretary by regulation.
(b) Nature of items constituting distributive shares. — The nature of any item of income, gain, loss, deduction or credit included in the distributive share of a regular or special member under clauses (1)—(7) of subsection (a) shall be determined as if said item were realized by the member directly from the source from which it was realized by the special corporation, or incurred in the same manner incurred by the special corporation. Nevertheless, the distributive share which consists of dividends or profits subject to the provisions of § 30086 of this title in the hands of the special corporation will not retain their eligible distribution nature under said sections when the member is not him/herself an eligible person, as said term is defined in § 30086(d) of this title.
History —Jan. 31, 2011, No. 1, § 1113.04, retroactive to Jan. 1, 2011.