New Mexico Statutes 7-4-7. Allocation of capital gains and losses
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A. Capital gains and losses from sales of real property located in this state are allocable to this state.
Terms Used In New Mexico Statutes 7-4-7
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
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.