A. Upon assumption of title to a work of art by the board, the department shall credit against the amount owed by the estate the valuation of that work of art as agreed upon under Section 7-7-19 N.M. Stat. Ann.. In no case shall any credit allowed by the Art Acceptance Act N.M. Stat. Ann. § 7-7-15 to 7-7-20 be greater than the amount of the estate tax owed by the decedent‘s estate.

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Terms Used In New Mexico Statutes 7-7-20

  • Decedent: A deceased person.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.

B. The board shall not during any fiscal year assume title to works of art which have an aggregate value of more than five million dollars ($5,000,000).

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