Rents and royalties from real or tangible personal property, capital gains, interest, dividends, or patent or copyright royalties, to the extent that they constitute nonbusiness income, shall be allocated as provided in Sections 6 through 9 [ 7-4-6 to 7-4-9 NMSA 1978] of the Uniform Division of Income for Tax Purposes Act.
§ 7-4-5 NMSA 1978
Allocation of certain nonbusiness income
Known as the Uniform Division of Income for Tax Purposes Act
The act spans §§ 7–7 (21 sections).
Applied in 1 court decision — leading case Woolworth Co v. Taxation and Revenue Department of State of New Mexico (1982)
Most recently applied in Woolworth Co v. Taxation and Revenue Department of State of New Mexico (June 1982)
1953 Comp., § 72-15A-20, enacted by Laws 1965, ch. 203, § 5.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.