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.
ANNOTATIONSEffective dates. — Laws 1993, ch. 313 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 18, 1993, 90 days after the adjournment of the legislature.