N.M. Admin. Code § 3.5.3.10

Current through Register Vol. 35, No. 21, November 5, 2024

Section 3.5.3.10 - APPLICATION OF SECTIONS 7-4-2 TO 7-4-19 NMSA 1978; ALLOCATION

Any taxpayer electing to apportion income pursuant to Section 7-2-11 NMSA 1978 or Section 7-2A-8 NMSA 1978 and who is subject to the taxing jurisdiction of this state shall allocate all of its net nonbusiness income or loss within or without this state in accordance with Sections 7-4-5 to 7-4-9 NMSA 1978. Such income or loss to be allocated within or without this state is the gross income less related expenses.

1/15/74, 9/15/88, 9/20/93, 1/15/97; 3.5.3.10 NMAC - Rn & A, 3 NMAC 5.3.10, 6/29/01