New Mexico Statutes 7-7-2. Definitions
As used in the Estate Tax Act N.M. Stat. Ann. § 7-7-1 to 7-7-12:
Terms Used In New Mexico Statutes 7-7-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Decedent: A deceased person.
- Executor: A male person named in a will to carry out the decedent
- Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
A. “department” means the taxation and revenue department, the secretary of taxation and revenue or any employee of the department exercising authority lawfully delegated to that employee by the secretary;
B. “certificate” means a certificate of no tax due or a receipt for payment of the tax due under the Estate Tax Act;
C. “decedent” means a deceased individual;
D. “federal credit” means the maximum amount of the credit for estate death taxes allowed by Section 2011 for the decedent‘s net estate;
E. “gross estate” means “gross estate” as defined and used in Section 2031 of the United States Internal Revenue Code of 1986, as amended or renumbered;
F. “net estate” means “taxable estate” as defined in Section 2051 of the United States Internal Revenue Code of 1986, as amended or renumbered;
G. “nonresident” means a decedent who was domiciled outside New Mexico at his death;
H. “person” means any individual, estate, trust, receiver, cooperative association, club, corporation, company, firm, partnership, joint venture, syndicate or other entity and, to the extent permitted by law, any federal, state or other governmental unit or subdivision or agency, department or instrumentality thereof;
I. “personal representative” means the executor or administrator of a decedent or, if no executor or administrator is appointed, qualified and acting, any person who has possession of any property;
J. “property” means property included in the gross estate;
K. “resident” means a decedent who was domiciled in New Mexico at his death;
L. “Section 2011” means Section 2011 of the United States Internal Revenue Code of 1986, as amended or renumbered; and
M. “transfer” means “transfer” as defined and used in Section 2001 of the United States Internal Revenue Code of 1986, as amended or renumbered.