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NMSA 1978 Chapter 7 — Taxation

NMSA 1978, § 7-1-63

Assessment of tax due; application of payment

Official textnmonesource.comlast amended

# A.

If, after any business is transferred to a successor, any tax from operating the business for which the former owner is liable remains due, the successor shall pay the amount due within thirty days. If the successor fails to pay within thirty days of the date notice provided for in Section 7-1-62 NMSA 1978 was mailed or if a certificate was not requested, the department shall assess the successor the amount due.

# B.

Upon the payment of the amount due from the amount placed in a trust account as provided by Subsection C of Section 7-1-61 NMSA 1978, the balance, if any, remaining may be released to the former owner or otherwise lawfully disposed of. The former owner shall be credited with the payment of tax.

# C.

A successor may discharge an assessment made pursuant to this section by paying to the department the full value of the transferred tangible and intangible property. The successor shall remain liable for the amount assessed, however, until the amount is paid if:

# (1)

the business has been transferred to evade or defeat any tax;

# (2)

the transfer of the business amounts to a de facto merger, consolidation or mere continuation of the transferor's business; or

# (3)

the successor has assumed the liability.

Amendment history

1953 Comp., § 72-13-76, enacted by Laws 1965, ch. 248, § 64; 1979, ch. 144, § 57; 1997, ch. 67, § 7.

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

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In this article (40 sections)
  1. 7-1-43 · Sale of indivisible property
  2. 7-1-44 · Requirements of sale
  3. 7-1-45 · Manner of sale or conversion to money
  4. 7-1-46 · Minimum prices
  5. 7-1-47 · Redemption before sale
  6. 7-1-48 · Documents of title
  7. 7-1-49 · Legal effect of certificate of sale
  8. 7-1-50 · Legal effect of deed to real property
  9. 7-1-51 · Proceeds of levy and sale
  10. 7-1-52 · Release of levy
  11. 7-1-53 · Enjoining delinquent taxpayer from continuing in business
  12. 7-1-54 · Security for payment of tax
  13. 7-1-55 · Contractor's bond for gross receipts; tax; penalty
  14. 7-1-56 · Sale of or proceedings against security
  15. 7-1-57 · Surety bonds
  16. 7-1-58 · Permanence of tax debt; civil actions to collect tax
  17. 7-1-59 · Jeopardy assessments
  18. 7-1-60 · Estoppel against state
  19. 7-1-61 · Duty of successor in business
  20. 7-1-62 · Duty of secretary; release of successor
  21. 7-1-63 · Assessment of tax due; application of payment
  22. 7-1-64 · Repealed
  23. 7-1-65 · Reciprocal enforcement of tax judgments
  24. 7-1-66 · 7-1-66
  25. 7-1-67 · Interest on deficiencies
  26. 7-1-67.1 · Repealed
  27. 7-1-68 · Interest on overpayments
  28. 7-1-69 · Civil penalty for failure to pay tax or file a return
  29. 7-1-69.1 · Civil penalty for failure to file an information return
  30. 7-1-69.2 · Civil penalty for failure to correctly file certain…
  31. 7-1-70 · Civil penalty for bad checks
  32. 7-1-71 · Civil penalty for failure to collect and pay over tax
  33. 7-1-71.1 · Tax return preparers; requirements; penalties
  34. 7-1-71.2 · Repealed
  35. 7-1-71.3 · Willful failure to collect and pay over taxes
  36. 7-1-71.4 · Tax return preparer; electronic filing requirement; penalty
  37. 7-1-72 · Attempts to evade or defeat tax
  38. 7-1-72.1 · 7-1-72.1
  39. 7-1-73 · Tax fraud
  40. 7-1-74 · 7-1-74
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