A. For the purpose of taxation, any railway car owned by an organization and used exclusively within this state or used partially within and partially without this state has situs within this state.
B. The term "gross earnings" shall be construed to mean all earnings on business beginning and ending within this state and on a proportion, based on the division of mileage in this state by the entire mileage over which business is done, of all interstate business passing through, into or out of this state.
History: 1978 Comp., § 7-11-4, enacted by Laws 1982, ch. 18, § 20.
ANNOTATIONSRepeals and reenactments. — Laws 1982, ch. 18, § 20, repealed former 7-11-4 NMSA 1978, relating to the inspection and verification of filed reports by the revenue division of the taxation and revenue department, and enacted a new section.