2018 New Mexico Statutes
Chapter 7 - Taxation
Article 4 - Division of Income for Tax Purposes
Section 7-4-7 - Allocation of capital gains and losses.
A. Capital gains and losses from sales of real property located in this state are allocable to this state.
B. Capital gains and losses from sales of tangible personal property are allocable to this state if:
(1) the property had a situs in this state at the time of the sale; or
(2) the taxpayer's commercial domicile is in this state and the taxpayer is not taxable in the state in which the property had a situs.
C. Capital gains and losses from sales of intangible personal property are allocable to this state if the taxpayer's commercial domicile is in this state.
History: 1953 Comp., § 72-15A-22, enacted by Laws 1965, ch. 203, § 7.
Effective dates. — Laws 1965, ch. 203, § 22 made Laws 1965, ch. 203, § 7 effective January 1, 1966.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation §§ 553 to 556.
Capital gain or loss on failure to exercise an option or privilege, 36 A.L.R.2d 1391.
Modern views as to capital gains or ordinary income treatment of profit on sale of subdivided realty which is asserted to be "capital asset" under § 1221 of the Internal Revenue Code of 1954 (26 USCS § 1221), 45 A.L.R. Fed. 292.
84 C.J.S. Taxation §§ 11, 148, 151 to 164, 172 to 173, 227, 231 to 234, 237, 404, 406, 419 to 420; 85 C.J.S. Taxation §§ 1721 to 1725.
