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NMSA 1978 Chapter 7 — Taxation

NMSA 1978, § 7-1-61

Duty of successor in business

Official textnmonesource.comlast amended

# A.

As used in Sections 7-1-61 through 7-1-63 NMSA 1978, "tax" means the amount of tax due, including penalties and interest, imposed by provisions of the taxes or tax acts set forth in Subsections A and B of Section 7-1-2 NMSA 1978, except the Income Tax Act.

# B.

The tangible and intangible property used in any business remains subject to liability for payment of the tax due on account of that business to the extent stated herein, even though the business changes hands.

# C.

If any person liable for any amount of tax from operating a business transfers that business to a successor, the successor shall place in a trust account sufficient money from the purchase price or other source to cover such amount of tax until the secretary or secretary's delegate issues a certificate stating that no amount is due, or the successor shall pay over the amount due to the department upon proper demand for, or assessment of, that amount due by the secretary.

Amendment history

1953 Comp., § 72-13-74, enacted by Laws 1965, ch. 248, § 62; 1966, ch. 56, § 1; 1968, ch. 52, § 1; 1975, ch. 116, § 4; 1979, ch. 144, § 55; 1983, ch. 211, § 28; 1989, ch. 325, § 10; 1997, ch. 67, § 5; 2017, ch. 63, § 28.

Source: official source (NMSA chapter on nmonesource.com)

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In this article (40 sections)
  1. 7-1-41 · Notice of seizure
  2. 7-1-42 · Notice of sale
  3. 7-1-43 · Sale of indivisible property
  4. 7-1-44 · Requirements of sale
  5. 7-1-45 · Manner of sale or conversion to money
  6. 7-1-46 · Minimum prices
  7. 7-1-47 · Redemption before sale
  8. 7-1-48 · Documents of title
  9. 7-1-49 · Legal effect of certificate of sale
  10. 7-1-50 · Legal effect of deed to real property
  11. 7-1-51 · Proceeds of levy and sale
  12. 7-1-52 · Release of levy
  13. 7-1-53 · Enjoining delinquent taxpayer from continuing in business
  14. 7-1-54 · Security for payment of tax
  15. 7-1-55 · Contractor's bond for gross receipts; tax; penalty
  16. 7-1-56 · Sale of or proceedings against security
  17. 7-1-57 · Surety bonds
  18. 7-1-58 · Permanence of tax debt; civil actions to collect tax
  19. 7-1-59 · Jeopardy assessments
  20. 7-1-60 · Estoppel against state
  21. 7-1-61 · Duty of successor in business
  22. 7-1-62 · Duty of secretary; release of successor
  23. 7-1-63 · Assessment of tax due; application of payment
  24. 7-1-64 · Repealed
  25. 7-1-65 · Reciprocal enforcement of tax judgments
  26. 7-1-66 · 7-1-66
  27. 7-1-67 · Interest on deficiencies
  28. 7-1-67.1 · Repealed
  29. 7-1-68 · Interest on overpayments
  30. 7-1-69 · Civil penalty for failure to pay tax or file a return
  31. 7-1-69.1 · Civil penalty for failure to file an information return
  32. 7-1-69.2 · Civil penalty for failure to correctly file certain…
  33. 7-1-70 · Civil penalty for bad checks
  34. 7-1-71 · Civil penalty for failure to collect and pay over tax
  35. 7-1-71.1 · Tax return preparers; requirements; penalties
  36. 7-1-71.2 · Repealed
  37. 7-1-71.3 · Willful failure to collect and pay over taxes
  38. 7-1-71.4 · Tax return preparer; electronic filing requirement; penalty
  39. 7-1-72 · Attempts to evade or defeat tax
  40. 7-1-72.1 · 7-1-72.1
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