New York Exchange Of Property When No Gain Or Loss Is Realized.

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    §  11-616  Exchange of property when no gain or loss is realized. When
  property is exchanged for other property and no gain or loss is realized
  under the provisions of the preceding  section,  the  property  received
  shall be treated as taking the place of the property exchanged therefor.
  Where  no  gain  or loss is realized under the provisions of subdivision
  eleven of the preceding section, the  basis  of  the  property  received
  shall  be  the  same  as  it  would  be  in  the hands of the transferor
  determined in accordance with the provisions of section 11-614  of  this
  part.