Rents and royalties from real or tangible personal property, capital gains, interest, dividends, or patent or copyright royalties, to the extent that they constitute nonbusiness income, shall be allocated as provided in Sections 6 through 9 [7-4-6 to 7-4-9 NMSA 1978] of the Uniform Division of Income for Tax Purposes Act.
History: 1953 Comp., § 72-15A-20, enacted by Laws 1965, ch. 203, § 5.
Effective dates. — Laws 1965, ch. 203, § 22 made Laws 1965, ch. 203, § 5 effective January 1, 1966.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation §§ 195, 196, 365, 554, 572, 574, 659.
84 C.J.S. Taxation §§ 90, 112 to 115, 123 to 124, 149, 163 to 164; 85 C.J.S. Taxation §§ 1191, 1721 to 1735, 1719, 1756 to 1759.
Structure New Mexico Statutes
Article 4 - Division of Income for Tax Purposes
Section 7-4-3 - Allocation and apportionment of income in general.
Section 7-4-4 - When taxable in another state.
Section 7-4-5 - Allocation of certain nonbusiness income.
Section 7-4-6 - Allocation of rents and royalties.
Section 7-4-7 - Allocation of capital gains and losses.
Section 7-4-8 - Allocation of interest and dividends.
Section 7-4-9 - Allocation of patent and copyright royalties.
Section 10 - Apportionment of business income.
Section 7-4-11 - Property factor for apportionment of business income.
Section 7-4-12 - Valuation of property for inclusion in property factor.
Section 7-4-13 - Determination of average value of property for inclusion in property factor.
Section 7-4-14 - Payroll factor for apportionment of business income.
Section 7-4-15 - Determination of compensation for inclusion in payroll factor.
Section 7-4-16 - Sales factor for apportionment of business income.
Section 7-4-19 - Equitable adjustment of standard allocation or apportionment.