N.M. Code R. § 3.8.4.11 - GENERAL EXAMPLE
The following example illustrates the application of Subsection D of Section 7-7-4 NMSA 1978.
A. Example 1: S is a
decedent who was a resident of State M at the time of her death. The property
in her estate consisted solely of bank accounts located in State M and 10,000
shares of stock of XYZ, Inc., a corporation organized under the laws of New
Mexico.
B. Pursuant to Section
7-7-4(C)(2) NMSA 1978, the stock is property located in New Mexico, upon which
Section 7-7-4(A) NMSA 1978 imposes tax. However, the estate tax law of State M
taxes all personal property of its domiciliary decedents, and refrains from
taxing the personal property of New Mexico's (and other states') decedents.
Therefore, the transfer of S's estate is exempt from the New Mexico estate
tax.
Notes
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