2011 New Mexico Statutes
Chapter 7: Taxation
Article 2D: Venture Capital Investments, 7-2D-1 through 7-2D-14
Section 7-2D-11: Stock exchanged for property.
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.
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