N.M. Code R. § 3.18.7.8 - SETTLEMENTS - WHEN TAX ON ADDITIONAL VALUE IS DUE
A. When any agency of the United States of
America or the state of New Mexico or any court issues an order and the effect
of the order is to increase the taxable value of products previously reported,
the increase in taxable value shall be reported no later than the twenty-fifth
day of the second month following the month in which payment or credit for the
increase is received by the taxpayer. The tax due on the increase in taxable
value shall be computed by applying to the increase the appropriate rates of
the oil and gas severance, the oil and gas emergency school, the oil and gas
conservation and the oil and gas ad valorem production taxes in effect for the
month in which the product was severed. The tax due shall accompany or precede
the return.
B. In the event the
increase in taxable value is not readily attributable to the months in which
the products were severed, tax due may be determined based on an allocation of
the increase if the method of allocation is approved by the
department.
C. Section 3.18.7.8
NMAC is retroactively applicable to orders issued on or after September 1,
1991.
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