P.R. Laws tit. 23, § 6033
Any gains in the sale, exchange or other disposition that is not a transfer by gift or inheritance, of an investment in securities of a fund, including the transfer of an investment in securities in a fund due to the total liquidation of the complementary incentives program to which the fund belongs, shall be deemed as a capital gain and shall pay taxes pursuant to the provisions of § 6030 of this title. Nevertheless, in the event that the total amount of the proceeds of a sale, exchange or other disposition that is not a transfer by gift or inheritance, is reinvested in securities of another fund within the term of ninety (90) days from the date of said sale, exchange or other gain, said proceeds shall not be subject to taxation.
When the sale or exchange of an investment in securities of a fund in accordance with the previous paragraph, results in the non-taxation of the gains obtained in the sale or exchange of the investment in securities of a fund, upon determining the adjusted base of the share in the new securities that the participant acquires in a fund on any date following the sale of the investment in securities of a fund, the adjustments to the base shall include a reduction by an amount equal to that of the unacknowledged investment gains in securities of a fund.
History —Sept. 10, 1993, No. 78, § 23; Jan. 8, 1994, No. 3, § 10.