§ 7-7-1 Short title
§ 7-7-2 Definitions
§ 7-7-3 Residents; tax imposed; credit for tax paid other state
§ 7-7-4 Nonresidents; tax imposed; exemption
§ 7-7-5 Tax return
§ 7-7-6 Date payment due
§ 7-7-7 Interest on amount due; extension of time to file federal return
§ 7-7-8 Department to file certificate; final settlement of account
§ 7-7-9 Administration not applied for; application or waiver by the department
§ 7-7-10 Administration
§ 7-7-11 Sale of property to pay tax
§ 7-7-12 Liability for failure to pay tax before distribution or delivery
§ 7-7-15 Short title
§ 7-7-16 Definitions
§ 7-7-17 Payment of estate tax in works of art
§ 7-7-18 Procedure for payment in works of art
§ 7-7-19 Agreement on valuation
§ 7-7-20 Credit against tax
will 560x170

Need help with a review of a will?
Have it reviewed by a lawyer, get answers to your questions and move forward with confidence.
Connect with a lawyer now

Terms Used In New Mexico Statutes > Chapter 6 > Article 7 - Estate Tax

  • Appraisal: A determination of property value.
  • 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
  • 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.
  • 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.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Legatee: A beneficiary of a decedent
  • 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.
  • Personal property: All property that is not real property.
  • Probate: Proving a will
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.