NMSA 1978 Chapter 7 — Taxation
NMSA 1978, § 7-32-6
Value may be determined by department; standard
The department may determine the value of products severed from a production unit when:
# A.
the operator and purchaser are affiliated persons;
# B.
the sale and purchase of products is not an arm's length transaction; or
# C.
products are severed and removed from a production unit and a value as defined in the Oil and Gas Ad Valorem Production Tax Act is not established for such products.
The value determined by the department shall be commensurate with the actual price received for products of like quality, character and use which are severed in the same field or area.
Amendment history
1953 Comp., § 72-22-6, enacted by Laws 1959, ch. 55, § 6; 1978 Comp., § 7- 32-6, 2025, ch. 130, § 133.
Source: official source (NMSA chapter on nmonesource.com)
In this article (28 sections)
- 7-32-1 · Title
- 7-32-2 · Definitions
- 7-32-3 · Repealed
- 7-32-4 · 7-32-4
- 7-32-5 · Assessed value; method of determining
- 7-32-6 · Value may be determined by department; standard
- 7-32-7 · 7-32-7
- 7-32-8 · Products on which tax has been levied; department rule
- 7-32-9 · 7-32-9
- 7-32-10 · Operator's report; tax remittance; additional information
- 7-32-11 · Purchaser's report; tax remittance; additional information
- 7-32-12 · Repealed
- 7-32-13 · 7-32-13
- 7-32-14 · 7-32-14
- 7-32-15 · Determination of assessed values for taxing districts
- 7-32-16 · Repealed
- 7-32-17 · Repealed
- 7-32-18 · Repealed
- 7-32-19 · Repealed
- 7-32-20 · Repealed
- 7-32-21 · Repealed
- 7-32-22 · Repealed
- 7-32-23 · Repealed
- 7-32-24 · Repealed
- 7-32-25 · Repealed
- 7-32-26 · Repealed
- 7-32-27 · Repealed
- 7-32-28 · Advance payment required