§ 16. Exchange of property when no gain or loss is realized. When property is exchanged for other property and no gain or loss is realized under the provisions of the preceding section, the property received shall be treated as taking the place of the property exchanged therefor. Where no gain or loss is realized under the provisions of subdivision eleven of the preceding section, the basis of the property received shall be the same as it would be in the hands of the transferror determined in accordance with the provisions of section fourteen of this part.
Exchange of property when no gain or loss is realized
N.Y. General City Model 772/66 § 16, under Tax On State Banks, Trust Companies, Financial Corporations and Savings and Loan Associations.
N.Y. General City Model 772/66 § 16