There is a newer version of the New Mexico Statutes
2013 New Mexico Statutes
Chapter 7 - Taxation
Article 2D - Venture Capital Investments
Section 7-2D-11 - Stock exchanged for property. (1993)
NM Stat § 7-2D-11 (2013) What's This?
7-2D-11. Stock exchanged for property. (1993)
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.
History: Laws 1993, ch. 313, § 11.
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