New Mexico § 7-31-6 Value may be determined by department; standard

New Mexico Statutes

§ 7-31-6 — Value may be determined by department; standard

New Mexico § 7-31-6

Ch. 7Taxation

Art. 31Oil and Gas Emergency School Tax

This text of New Mexico § 7-31-6 (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. § 7-31-6 (2026).

Text

A. The department may determine the value of products severed from a production unit when:

(1)the operator and purchaser are affiliated persons;

(2)the sale and purchase of products is not an arm's length transaction; or (3) products are severed and removed from a production unit and a value as defined in the Oil and Gas Emergency School Tax Act is not established for such products. B. 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.

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A. The department may determine the value of products severed from a production unit when: (1) the operator and purchaser are affiliated persons; (2) the sale and purchase of products is not an arm's length transaction; or (3) products are severed and removed from a production unit and a value as defined in the Oil and Gas Emergency School Tax Act is not established for such products. B. 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.