N.M. Admin. Code § 11.3.100.102

Current through Register Vol. 35, No. 24, December 23, 2024

Section 11.3.100.102 - VALUATION OF IN KIND COMPENSATION

A. If a claimant receives any wages in a medium other than cash, the reasonable cash value of any compensation other than cash shall be deemed for all purposes of the Unemployment Compensation Law to be either:

(1) the amount agreed upon between the employing unit and the claimant if the terms of the agreement are reported to the department and the department agrees that such agreed amount or value is reasonable; or

(2) the cash value as shown to the satisfaction of the department.

B. If the department determines that the amount agreed to is unreasonable, or if the employing unit and the individual fail to agree upon an amount, or if the employing unit fails to report the terms of an agreement to the department and fails to show the cash value of such non-cash compensation prior to the due date of contributions or payment in lieu of contributions with respect to such wages, the department shall fix an amount or value after considering all available information or evidence. The amount fixed by the department shall be deemed for all purposes of the Unemployment Compensation Law to be the cash value of the claimant's wages received in any medium other than cash.

N.M. Admin. Code § 11.3.100.102

7-15-98; 11.3.100.102 NMAC - Rn, 11 NMAC 3.100.102, 01-01-2003; Repealed, 11-15-2012; 11.3.100.102 NMAC - Rn & A, 11.3.100.105 NMAC, 11-15-2012, Amended by New Mexico Register, Volume XXX, Issue 20, October 29, 2019, eff. 10/29/2019