New Mexico Administrative Code
Title 3 - TAXATION
Chapter 5 - UNIFORM DIVISION OF INCOME FOR TAX PURPOSES
Part 3 - ALLOCATION AND APPORTIONMENT OF INCOME IN GENERAL
Section 3.5.3.7 - DEFINITIONS
Universal Citation: 3 NM Admin Code 3.5.3.7
Current through Register Vol. 35, No. 18, September 24, 2024
A. "Allocation" and "allocate" refer to the assignment of nonbusiness income to a particular state.
B. "Apportionment" and "apportion" refer to the division of business income between states by the use of a formula containing apportionment factors.
C. "Business activity" refers to the transactions and activity occurring in the regular course of a particular trade or business of a taxpayer.
D. "Taxpayer" means any individual subject to tax imposed by the Income Tax Act or any corporation required to file an income tax return pursuant to the Corporate Income and Franchise Tax Act.
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