N.M. Code R. § 3.5.3.7 - DEFINITIONS
A. "Allocation" and
"allocate" refer to the assignment of nonbusiness income to a particular
state.
B. "Apportionment" and
"apportion" refer to the division of business income between states by the use
of a formula containing apportionment factors.
C. "Business activity" refers to the
transactions and activity occurring in the regular course of a particular trade
or business of a taxpayer.
D.
"Taxpayer" means any individual subject to tax imposed by the Income Tax Act or
any corporation required to file an income tax return pursuant to the Corporate
Income and Franchise Tax Act.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.