Section 7-2D-5 - Additional definition; qualified diversifying businessA. For purposes of the Venture Capital Investment Act, "qualified diversifying business" means, except as otherwise provided in Section 7-2D-13 NMSA 1978, any domestic corporation that has its commercial domicile in New Mexico and with respect to which the aggregate amount of money, other property and services received by the corporation for stock, as a contribution to capital and as paid-in surplus, plus the accumulated earnings and profits of the corporation, does not exceed twenty-five million dollars ($25,000,000); provided: (1) the aggregate amount shall be determined at the time of issuance and shall include amounts received in the issuance and all prior issuances; and(2) in the case of stock issued in a calendar year after 1993, the aggregate amount shall not exceed an amount equal to twenty-five million dollars ($25,000,000) multiplied by the cost-of-living adjustment determined under Section 1 (f)(3) of the Internal Revenue Code for that calendar year by substituting "1992" for "1987" in Subparagraph (B) of that section.B. For the purpose of determining the aggregate amount in Subsection A of this section: (1) the amount taken into account with respect to any property other than money shall be an amount equal to the adjusted basis of that property for determining capital gain: (a) reduced to not below zero by any liability to which the property was subject or that was assumed by the corporation; and(b) determined at the time the property was received by the corporation; and(2) the amount taken into account with respect to stock issued for services shall be the value of those services.Laws 1993, ch. 313, § 5; 1995, ch. 89, § 4.