New Mexico Administrative Code
Title 3 - TAXATION
Chapter 5 - UNIFORM DIVISION OF INCOME FOR TAX PURPOSES
Part 5 - ALLOCATION OF CERTAIN NONBUSINESS INCOME
Section 3.5.5.8 - RELATED EXPENSES
Current through Register Vol. 35, No. 18, September 24, 2024
A. From the items of gross income from rents, patent and copyright royalties interest, dividends and capital gains being specifically allocated to or outside this state, there shall be deducted the expenses related thereto. The term "expenses related thereto" as used in Section 3.5.5.8 NMAC means the expenses and other deductions directly attributable to such rents, patent and copyright royalties, interest, dividends and capital gains and a ratable part of any other expenses or deductions which cannot definitely be allocated to some item or class of income.
B. The amount to be allocated to or outside this state is this gross income from such rents, patent and copyright royalties, interest, dividends and capital gains less the related expenses.
