N.M. Admin. Code § 3.15.100.7
Current through Register Vol. 35, No. 21, November 5, 2024
Corporation defined for franchise tax purposes. As used in Section 7-2A-5.1 NMSA 1978 the term "corporation" includes each and every domestic and foreign corporation or other organization having or exercising its corporate franchise in this state, whether active or not, or engaging in business in or deriving income from this state, and which either is required to file a corporate income tax return under the Internal Revenue Code or is a disregarded entity for federal income tax purposes. A "disregarded entity" is an entity with only one owner whose existence separate from the owner is disregarded for federal income tax purposes; see for example internal revenue service regulations 301.770-1-2 and 3.
N.M. Admin. Code § 3.15.100.7