P.R. Laws tit. 13, § 31023
(a) In general. — The value of any property includible in the gross decedent’s estate, pursuant to §§ 31021 and 31063 of this title, may be determined as follows, if the executor, executor or trustee so elects:
(1) As for distributed, sold, exchanged or otherwise transferred property within six (6) months following the time of death of the decedent, its value shall be determined on the date of the distribution, sale, exchange or any other transfer.
(2) As for property not distributed, sold, exchanged or otherwise transferred within six (6) months following the time of death of the decedent, its value shall be determined on the date within the six (6)-month term following the time of death of the decedent.
(3) Any interest or property affected by the mere passage of time shall be included in the gross decedent’s estate, with its market value at the time of death of the decedent (in lieu of the later date), adjusted by any difference in value on the later date, which difference has not been caused by the mere passage of time, which date may never be after the due date for filing the appropriate tax return.
(b) Time to make the election. — The election set forth in this section shall be made by the executor, executor or trustee not later than the date provided in this part to file tax returns or statements or before the due date of the time extension granted to that effect to file such returns or statements, pursuant to the regulations that the Secretary may promulgate to such effect.
History —Jan. 31, 2011, No. 1, § 2022.03, retroactive to Jan. 1, 2011.