N.M. Code R. § 3.5.3.11 - CONSISTENCY AND UNIFORMITY IN REPORTING
A. In filing with this state, if the taxpayer
departs from or modifies the manner in which income has been classified as
business income or nonbusiness income in returns for prior years, the taxpayer
shall disclose in the return for the current year the nature and extent of the
modification.
B. If the returns or
reports filed by a taxpayer for all states to which the taxpayer reports under
the Uniform Division of Income for Tax Purposes Act or Article IV of the
multistate tax compact are not uniform in the classification of income as
business or nonbusiness income, the taxpayer shall disclose in its return to
this state the nature and extent of the variance.
Notes
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