§ 7-4-7 NMSA 1978

Allocation of capital gains and losses

Known as the Uniform Division of Income for Tax Purposes Act

The act spans §§ 7–7 (21 sections).

1953 Comp., § 72-15A-22, enacted by Laws 1965, ch. 203, § 7.

A. Capital gains and losses from sales of real property located in this state are allocable to this state.

B. Capital gains and losses from sales of tangible personal property are allocable to this state if:

(1) the property had a situs in this state at the time of the sale; or

(2) the taxpayer's commercial domicile is in this state and the taxpayer is not taxable in the state in which the property had a situs.

C. Capital gains and losses from sales of intangible personal property are allocable to this state if the taxpayer's commercial domicile is in this state.

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.