New Mexico Statutes 7-7-4. Nonresidents; tax imposed; exemption
A. Tax in an amount computed as provided in this section is imposed on the transfer of the net estate located in New Mexico of every nonresident.
Terms Used In New Mexico Statutes 7-7-4
- 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.
- 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.
- Personal property: All property that is not real property.
B. The tax shall be computed by multiplying the federal credit by a fraction, the numerator of which is the value of the property located in New Mexico and the denominator of which is the value of the decedent‘s gross estate.
C. For purposes of this section, the following is included as property located in New Mexico:
(1) debts arising from transactions in, or having a business situs in, New Mexico; and
(2) the securities of any corporation or other entity organized under the laws of New Mexico.
D. The transfer of the personal property of a nonresident is exempt from the tax imposed by this section to the extent that the personal property of residents is exempt from taxation under the laws of the state in which the nonresident is domiciled.