31064

(a) Stock in domestic corporations and partnerships. — For purposes of this subchapter, stock certificates, as these are defined in § 31002(a)(1) of this title, issued by domestic corporations or partnerships, belonging or held by a Puerto Rico nonresident, shall be deemed to be property located in Puerto Rico.(b) Transfer inter vivos. — For purposes of this subchapter, any property in connection with which a decedent who is a Puerto Rico nonresident has made a transfer, within the meaning of § 31021(b) or (c) of this title, shall be deemed to be property located in Puerto Rico, if in fact it is located in Puerto Rico on the date of transfer or at the time of death of the decedent.(c) Debentures. — For purposes of this subchapter:(1) Bonds, notes or other obligations:(A) Issued by:(i) The Government of Puerto Rico,(ii) municipalities located within the jurisdiction of the Government of Puerto Rico;(iii) public authorities or corporations of the Government of Puerto Rico and its municipalities; or(B) Of a Puerto Rico resident other than a domestic corporation or partnership, belonging to or held by a Puerto Rico nonresident shall be deemed to be property located in Puerto Rico.(C)

palities; or(B) Of a Puerto Rico resident other than a domestic corporation or partnership, belonging to or held by a Puerto Rico nonresident shall be deemed to be property located in Puerto Rico.(C) Notwithstanding the provisions of this paragraph, the debentures contemplated in subparagraphs (i) — (iii) of paragraph (A) of this clause, issued for money taken on a loan, when both the decedent and the heir are Puerto Rico nonresidents, shall be deemed to be property located outside Puerto Rico.(2) Bonds, notes or other debentures of a domestic corporation or partnership, shall be deemed to be property located in Puerto Rico.(d) Subsection (c) shall not apply when the interest on such debentures, if received by the decedent who was a Puerto Rico nonresident as of the time of his/her death, were to be, by virtue of the provisions of § 30152 of this title deemed to be income from sources outside Puerto Rico or when the provisions of § 31065(b) of this title apply. History —Jan. 31, 2011, No. 1, § 2030.04, retroactive to Jan. 1, 2011.