N.M. Stat. § 7-2D-11

Current through 2024, ch. 69

Section 7-2D-11 - Stock exchanged for property

For purposes of the Venture Capital Investment Act, in the case where the taxpayer transfers property other than money or stock to a corporation in exchange for stock in that corporation:

A. the stock shall be treated as having been acquired by the taxpayer on the date of that exchange; and

B. the basis of the stock in the hands of the taxpayer shall be treated as equal to the fair market value of the property exchanged.

NMS § 7-2D-11

Laws 1993, ch. 313, § 11.