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.