N.M. Stat. § 7-4-5

Allocation of certain nonbusiness income.

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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.

                                     ANNOTATIONS

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.

Notes of Decisions

Cited in 2 cases, 1981–1981 · leading case: Taxation & Revenue Department v. F. W. Woolworth Co.

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Taxation & Revenue Department v. F. W. Woolworth Co. (1981) nm “The advantage to Woolworth if it prevailed nationwide on its claim that gross-up and dividends from stock in foreign subsidiaries are deductible from gross income, as being nonbusiness income, is quite obvious, considering that this income would be apportionable only to the…”

TAXATION & REVENUE DEPT., ETC. v. FW Woolworth (1981) nm “The advantage to Woolworth if it prevailed nationwide on its claim that gross-up and dividends from stock in foreign subsidiaries are deductible from gross income, as being nonbusiness income, is quite obvious, considering that this income would be apportionable only to the…”

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