New Mexico Statutes
§ 7-29-4.2 — Value may be determined by department; standard
New Mexico § 7-29-4.2
This text of New Mexico § 7-29-4.2 (Value may be determined by department; standard) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
N.M. Stat. Ann. § 7-29-4.2 (2026).
Text
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 when C. products are severed and removed from a production unit and a value as defined in the Oil and Gas Severance 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. If there are no sales of products of like quality, character and use severed in the same field or area, then the department shall establish a reasonable value.
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Legislative History
1978 Comp., § 7-29-4.2, enacted by Laws 1980, ch. 62, § 7; 1989, ch. 130, §
Nearby Sections
15
§ 7-1-1
Short title§ 7-1-11.1
Managed audits§ 7-1-11.2
Required audit notices§ 7-1-12
Identification of taxpayers§ 7-1-13.1
Method of payment of certain taxes due§ 7-1-13.2
Repealed§ 7-1-13.3
Repealed§ 7-1-13.4
Electronic payments; reversalsCite This Page — Counsel Stack
Bluebook (online)
New Mexico § 7-29-4.2, Counsel Stack Legal Research, https://law.counselstack.com/statute/nm/7/7-29-4.2.