reglab/housing_qa huggingface dataset:
NM Stat § 7-7-7 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 7 - Estate Tax|Section 7-7-7 - Interest on amount due; extension of time to file federal return.

Interest, as provided in the Tax Administration Act [Chapter 7 Article 1 NMSA 1978], shall be paid to the state on the amount of tax due under the Estate Tax Act [7-7-1 to 7-7-12 NMSA 1978], from the first day following the day on which payment of the tax would be due in the absence of an extension of time, until the day paid, whether or not the personal representative is granted an extension of time within which to file the federal estate tax return. History: 1953 Comp., § 72-33-7, enacted by Laws 1973, ch. 345, § 7. ANNOTATIONSEffective dates. — Laws 1973, ch. 345, § 18 made Laws 1973, ch. 345, § 7 effective July 1, 1973. Am. Jur. 2d, A.L.R. and C.J.S. references. — 42 Am. Jur. 2d Inheritance, Estate and Gift Taxes §§ 248 to 252, 257, 265, 272. 85 C.J.S. Taxation §§ 1883 to 1888, 1896 to 1897, 1976, 1982.
NM Stat § 7-7-8 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 7 - Estate Tax|Section 7-7-8 - Department to file certificate; final settlement of account.

A. Except as otherwise provided in Subsection B of this section, the department shall file a certificate with the clerk of the county in which the estate or any part of it is located when: (1) no taxes imposed by the Estate Tax Act [7-7-1 to 7-7-12 NMSA 1978] are due; or (2) the taxes due under the Estate Tax Act have been paid. B. If the estate is not required to file a federal estate tax return, the filing of a certificate by the department is not required. C. No court shall allow the final settlement of the account of any personal representative until either a certificate is filed as provided in this section if the estate is required to file a federal estate tax return or the personal representative demonstrates that the estate was not required to file a federal estate tax return. History: 1953 Comp., § 72-33-8, enacted by Laws 1973, ch. 345, § 8; 1989, ch. 122, § 5. ANNOTATIONSThe 1989 amendment, effective June 16, 1989, substituted "department" for "bureau" in the catchline and in the introductory paragraph of Subsection A; added "Except as otherwise provided in Subsection B of this section," at the beginning of the introductory paragraph of Subsection A; added present Subsection B; and redesignated former Subsection B as present Subsection C, while inserting therein "either" and adding all of the language following "section".
NM Stat § 7-7-9 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 7 - Estate Tax|Section 7-7-9 - Administration not applied for; application or waiver by the department.

A. If no person interested in the estate of a decedent applies for letters testamentary or of administration within thirty days after the death of the decedent, the department may apply to the probate court having jurisdiction for the appointment of an administrator and after a hearing, the probate court shall appoint an administrator of the estate of the decedent. B. If the administration of the estate of a decedent is not necessary, the department may waive administration. The department shall not waive administration until the taxes due under the Estate Tax Act [7-7-1 to 7-7-12 NMSA 1978] are paid. History: 1953 Comp., § 72-33-9, enacted by Laws 1973, ch. 345, § 9; 1989, ch. 122, § 6. ANNOTATIONSCross references. — For court having jurisdiction, see 45-1-303 and 45-3-201 NMSA 1978. The 1989 amendment, effective June 16, 1989, substituted "the department" for "bureau" in the catchline, and substituted "department" for "bureau" throughout the section. Am. Jur. 2d, A.L.R. and C.J.S. references. — Dispensing with, or revoking grant of, administration of decedent's estate on ground that administration is not necessary, 70 A.L.R. 386. 85 C.J.S. Taxation § 1896 to 1897.
NM Stat § 7-7-10 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 7 - Estate Tax|Section 7-7-10 - Administration.

The Estate Tax Act [7-7-1 to 7-7-12 NMSA 1978] shall be administered and enforced as provided in the Tax Administration Act [Chapter 7, Article 1 NMSA 1978]. History: 1953 Comp., § 72-33-10, enacted by Laws 1973, ch. 345, § 10. ANNOTATIONSEffective dates. — Laws 1973, ch. 345, § 18 made Laws 1973, ch. 345, § 10 effective July 1, 1973. Cross references. — For provisions applicable to administration and enforcement, see 7-1-2 NMSA 1978.
NM Stat § 7-7-11 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 7 - Estate Tax|Section 7-7-11 - Sale of property to pay tax.

A personal representative may sell so much of any property as is necessary to pay the taxes due under the Estate Tax Act [7-7-1 to 7-7-12 NMSA 1978]. A personal representative may sell so much of any property specifically bequeathed or devised as is necessary to pay the proportionate amount of the taxes due on the transfer of the property and the fees and expenses of the sale, unless the legatee or devisee pays the personal representative the proportionate amount of the taxes due. History: 1953 Comp., § 72-33-11, enacted by Laws 1973, ch. 345, § 11. ANNOTATIONSEffective dates. — Laws 1973, ch. 345, § 18 made Laws 1973, ch. 345, § 11 effective July 1, 1973.
NM Stat § 7-7-12 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 7 - Estate Tax|Section 7-7-12 - Liability for failure to pay tax before distribution or delivery.

A. Any personal representative who distributes any property without first paying, securing another's payment of, or furnishing security for payment of the taxes due under the Estate Tax Act [7-7-1 to 7-7-12 NMSA 1978] is personally liable for the taxes due to the extent of the value of any property that may come or may have come into his possession. Security for payment of the taxes due under the Estate Tax Act shall be in an amount equal to or greater than the value of all property that is or has come into the possession of such personal representative, as of the time such security is furnished. B. Any person who has the control, custody or possession of any property and who delivers any of the property to the personal representative or legal representative of the decedent outside New Mexico without first paying, securing another's payment of, or furnishing security for payment of the taxes due under the Estate Tax Act is liable for the taxes due under the Estate Tax Act to the extent of the value of the property delivered. Security for payment of the taxes due under the Estate Tax Act shall be in an amount equal to or greater than the value of all property delivered to the personal representative or legal representative of the decedent outside New Mexico by such a person. C. For the purposes of this section, persons who do not have possession of a decedent's property (absent special circumstances) include mortgagees or pledgees, stockbrokers or stock transfer agents, bank and other depositories of checking and savings accounts, safe-deposit companies and life insurance companies. History: 1953 Comp., § 72-33-12, enacted by Laws 1973, ch. 345, § 12; 1975, ch. 257, § 8-126. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 42 Am. Jur. 2d Inheritance, Estate and Gift Taxes §§ 251 et seq. Rights and liabilities as between sureties on successive bonds given by executor, administrator, trustee or guardian, 76 A.L.R. 904. Transmission of fund from ancillary to domiciliary jurisdiction, or liability of sureties on bond given in the latter jurisdiction, as affecting liability of sureties on bond given in the former jurisdiction, 78 A.L.R. 575. Power or discretion of court, after bond of executor, administrator, or testamentary trustee has been given, to dispense with, discontinue, or modify bond, 121 A.L.R. 951. Liability of executor or administrator to estate because of overpaying or unnecessarily paying tax, 55 A.L.R.3d 785.
NM Stat § 7-7-15 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 7 - Estate Tax|Section 7-7-15 - Short title.

Sections 7-7-15 through 7-7-20 NMSA 1978 may be cited as the "Art Acceptance Act". History: 1978 Comp., § 7-7-15, enacted by Laws 1983, ch. 209, § 1; 1993, ch. 30, § 13. ANNOTATIONSThe 1993 amendment, effective June 18, 1993, substituted "Sections 7-7-15 through 7-7-20 NMSA 1978" for "This act".
NM Stat § 7-7-16 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 7 - Estate Tax|Section 7-7-16 - Definitions.

As used in the Art Acceptance Act [7-7-15 to 7-7-20 NMSA 1978]: A. "board" means the board of regents of the museum of New Mexico; B. "decedent" means the deceased individual; C. "division" or "department" means the taxation and revenue department, the secretary of taxation and revenue or any employee of the department exercising authority lawfully delegated to that employee by the secretary; D. "museum" means the museum of New Mexico; E. "personal representative" means the executor or administrator of a decedent or, if no executor or administrator is appointed, qualified and acting, any person who has possession of any property of the decedent; and F. "work of art" includes any painting, drawing, print, photograph, sculpture, carving, textile, basketry, artifact, natural specimen, rare book, authors' papers, objects of historical or technical interest or other article of intrinsic cultural value. History: 1978 Comp., § 7-7-16, enacted by Laws 1983, ch. 209, § 2; 1986, ch. 20, § 60; 1987, ch. 164, § 1.
NM Stat § 7-7-17 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 7 - Estate Tax|Section 7-7-17 - Payment of estate tax in works of art.

A decedent's estate may pay all or part of any tax owed by the decedent's estate to the state by payment in the form of one or more works of art in the manner provided by the Art Acceptance Act [7-7-15 to 7-7-20 NMSA 1978], provided: A. the decedent has so directed by a will; or B. in the absence of a direction in the decedent's will, the personal representative finds that this method of payment is advantageous to the estate. History: 1978 Comp., § 7-7-17, enacted by Laws 1983, ch. 209, § 3. ANNOTATIONSEffective dates. — Laws 1983, ch. 209, § 7 made Laws 1983, ch. 209, § 3 effective July 1, 1983.
NM Stat § 7-7-18 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 7 - Estate Tax|Section 7-7-18 - Procedure for payment in works of art.

A. The personal representative desiring to pay all or part of an estate tax owed the state in the form of one or more works of art shall first obtain an appraisal of the work acceptable to the federal internal revenue service and shall then notify the museum director in writing of the desire to offer the work to the museum. The board shall, within a reasonable period of time and upon the recommendation of the museum director, notify the personal representative and the division in writing as to whether in the judgment of the board it would be advantageous to the state to accept the one or more works of art as payment or partial payment for the estate tax. The board's decision shall be final and not appealable. B. Acceptance of a work of art shall be deemed advantageous to the state if its acceptance meets the following criteria: (1) it encourages growth of the museum's collections by the addition of significant and original works of art; (2) it furthers the preservation and understanding of the arts traditions which exist in New Mexico; (3) it furthers the appreciation of arts and cultures by the people of New Mexico; or (4) it is compatible with the standards and collections policies of the museum. History: 1978 Comp., § 7-7-18, enacted by Laws 1983, ch. 209, § 4. ANNOTATIONSEffective dates. — Laws 1983, ch. 209, § 7 made Laws 1983, ch. 209, § 4 effective July 1, 1983.
NM Stat § 7-7-19 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 7 - Estate Tax|Section 7-7-19 - Agreement on valuation.

A. If the board finds that it would be advantageous for the state to accept payment in one or more works of art as payment or partial payment for the estate tax, the personal representative shall, as a condition of state acceptance of this method of payment, forward a copy of the proposed valuation to the division. The division shall have forty-five days from the date of the notification of the proposed valuation to object to that valuation. B. If the division objects to the proposed valuation, it shall set forth the objection in writing and forward it to the personal representative. The personal representative may take into account the division's objections and submit a new valuation for the division's approval. If the division rejects the new valuation within forty-five days of its submission, the state shall be deemed not to accept the proposed method of payment in works of art. C. If the division does not object to a submitted valuation of a work of art within forty-five days of its submission, the state shall be deemed to have accepted the work of art for the museum collection as complete or partial payment of the estate tax owed and the board shall assume title to that work of art as soon as practicable. History: 1978 Comp., § 7-7-19, enacted by Laws 1983, ch. 209, § 5. ANNOTATIONSEffective dates. — Laws 1983, ch. 209, § 7 made Laws 1983, ch. 209, § 5 effective July 1, 1983.
NM Stat § 7-7-20 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 7 - Estate Tax|Section 7-7-20 - Credit against tax.

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 NMSA 1978. In no case shall any credit allowed by the Art Acceptance Act [7-7-15 to 7-7-20 NMSA 1978] be greater than the amount of the estate tax owed by the decedent's estate. 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). History: 1978 Comp., § 7-7-20, enacted by Laws 1983, ch. 209, § 6; 1987, ch. 164, § 2.
NM Stat § 7-8-1 to 7-8-40 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 8 - Uniform Unclaimed Property Act (Repealed, Recompiled.)|Section 7-8-1 to 7-8-40 - Repealed and Recompiled.

ANNOTATIONSRepeals. — Laws 1997, ch. 25, § 33 repealed 7-8-1 to 7-8-20 and 7-8-21 to 7-8-40 NMSA 1978, as enacted or amended by Laws 1989, ch. 293, §§ 1 to 41, Laws 1991, ch. 151, § 1, and Laws 1995, ch. 51, §§ 1 & 2, relating to unclaimed property, effective July 1, 1997. For provisions of former sections, see the 1996 NMSA 1978 on NMOneSource.com. For present comparable provisions, see Chapter 7, Article 8A NMSA 1978. Recompilations. — Former 7-8-20.1 NMSA 1978, as enacted by Laws 1990, ch. 98, § 1, was recompiled and amended as 7-8A-10.1 NMSA 1978 by Laws 1997, ch. 25, § 32.
NM Stat § 7-8A-3 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 8A - Uniform Unclaimed Property Act|Section 7-8A-3 - Contents of safe deposit box or other safekeeping depository.

Tangible property held in a safe deposit box or other safekeeping depository in this state in the ordinary course of the holder's business and proceeds resulting from the sale of the property permitted by other law, are presumed abandoned if the property remains unclaimed by the owner for more than five years after expiration of the lease or rental period on the box or other depository. History: Laws 1997, ch. 25, § 3. ANNOTATIONSEffective dates. — Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 3 effective July 1, 1997.
NM Stat § 7-8A-4 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 8A - Uniform Unclaimed Property Act|Section 7-8A-4 - Rules for taking custody.

Except as otherwise provided in the Uniform Unclaimed Property Act (1995) or by other statute of this state, property that is presumed abandoned, whether located in this or another state, is subject to the custody of this state if: (1) the last known address of the apparent owner, as shown on the records of the holder, is in this state; (2) the records of the holder do not reflect the identity of the person entitled to the property and it is established that the last known address of the person entitled to the property is in this state; (3) the records of the holder do not reflect the last known address of the apparent owner and it is established that: (i) the last known address of the person entitled to the property is in this state; or (ii) the holder is domiciled in this state or is a government or governmental subdivision, agency, or instrumentality of this state and has not previously paid or delivered the property to the state of the last known address of the apparent owner or other person entitled to the property; (4) the last known address of the apparent owner, as shown on the records of the holder, is in a state that does not provide for the escheat or custodial taking of the property and the holder is domiciled in this state or is a government or governmental subdivision, agency, or instrumentality of this state; (5) the last known address of the apparent owner, as shown on the records of the holder, is in a foreign country and the holder is domiciled in this state or is a government or governmental subdivision, agency, or instrumentality of this state; (6) the transaction out of which the property arose occurred in this state, the holder is domiciled in a state that does not provide for the escheat or custodial taking of the property, and the last known address of the apparent owner or other person entitled to the property is unknown or is in a state that does not provide for the escheat or custodial taking of the property; or (7) the property is a traveler's check or money order purchased in this state, or the issuer of the traveler's check or money order has its principal place of business in this state and the issuer's records show that the instrument was purchased in a state that does not provide for the escheat or custodial taking of the property, or does not show the state in which the instrument was purchased. History: Laws 1997, ch. 25, § 4. ANNOTATIONSEffective dates. — Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 4 effective July 1, 1997.
NM Stat § 7-8A-5 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 8A - Uniform Unclaimed Property Act|Section 7-8A-5 - Dormancy charge.

A holder may deduct from property presumed abandoned a charge imposed by reason of the owner's failure to claim the property within a specified time only if there is a valid and enforceable written contract between the holder and the owner under which the holder may impose the charge and the holder regularly imposes the charge, which is not regularly reversed or otherwise canceled. The amount of the deduction is limited to an amount that is not unconscionable. History: Laws 1997, ch. 25, § 5. ANNOTATIONSEffective dates. — Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 5 effective July 1, 1997.
NM Stat § 7-8A-6 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 8A - Uniform Unclaimed Property Act|Section 7-8A-6 - Burden of proof as to property evidenced by record of check or draft.

A record of the issuance of a check, draft or similar instrument is prima facie evidence of an obligation. In claiming property from a holder who is also the issuer, the administrator's burden of proof as to the existence and amount of the property and its abandonment is satisfied by showing issuance of the instrument and passage of the requisite period of abandonment. Defenses of payment, satisfaction, discharge and want of consideration are affirmative defenses that must be established by the holder. History: Laws 1997, ch. 25, § 6. ANNOTATIONSEffective dates. — Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 6 effective July 1, 1997.
NM Stat § 7-8A-8 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 8A - Uniform Unclaimed Property Act|Section 7-8A-8 - Payment or delivery of abandoned property.

(a) Except for property held in a safe deposit box or other safekeeping depository, upon filing the report required by Section 7 [7-8A-7 NMSA 1978] of the Uniform Unclaimed Property Act (1995), the holder of property presumed abandoned shall pay, deliver, or cause to be paid or delivered to the administrator the property described in the report as unclaimed, but if the property is an automatically renewable deposit, and a penalty or forfeiture in the payment of interest would result, the time for compliance is extended until a penalty or forfeiture would no longer result. Tangible property held in a safe deposit box or other safekeeping depository may not be delivered to the administrator until one hundred twenty days after filing the report required by Section 7 of the Uniform Unclaimed Property Act (1995). (b) If the property reported to the administrator is a security or security entitlement under Article 8 [55-8-101 NMSA 1978] of the Uniform Commercial Code, the administrator is an appropriate person to make an indorsement, instruction, or entitlement order on behalf of the apparent owner to invoke the duty of the issuer or its transfer agent or the securities intermediary to transfer or dispose of the security or the security entitlement in accordance with Article 8 of the Uniform Commercial Code. (c) If the holder of property reported to the administrator is the issuer of a certificated security, the administrator has the right to obtain a replacement certificate pursuant to Section 55-8-405 NMSA 1978, but an indemnity bond is not required. (d) An issuer, the holder, and any transfer agent or other person acting pursuant to the instructions of and on behalf of the issuer or holder in accordance with this section is not liable to the apparent owner and must be indemnified against claims of any person in accordance with Section 10 [7-8A-10 NMSA 1978] of the Uniform Unclaimed Property Act (1995). History: Laws 1997, ch. 25, § 8. ANNOTATIONSEffective dates. — Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 8 effective July 1, 1997.