N.M. Code R. § 3.5.3.8 - APPLICATION OF SECTIONS 7-4-2 TO 7-4-19 NMSA 1978; APPORTIONMENT

Where a taxpayer elects to apportion income pursuant to Section 7-2-11 NMSA 1978 or Section 7-2A-8 NMSA 1978, if the business activity in respect to any trade or business of a taxpayer occurs both within and without this state, and if by reason of such business activity the taxpayer is taxable in another state, the portion of the net income (or net loss) arising from such trade or business which is derived from sources within this state shall be determined by apportionment in accordance with Sections 7-4-10 to 7-4-18 NMSA 1978.

Notes

N.M. Code R. § 3.5.3.8

1/15/74, 9/15/88, 9/20/93, 1/15/97; 3.5.3.8 NMAC - Rn & A, 3 NMAC 5.3.8, 6/29/01