A taxpayer shall use the same accounting methods for reporting income for New Mexico income tax purposes as are used in reporting income for federal income tax purposes.
History: 1978 Comp., § 7-2-21.1, enacted by Laws 1981, ch. 37, § 32.
ANNOTATIONSEffective dates. — Laws 1981, ch. 37 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 19, 1981, 90 days after the adjournment of the legislature.
Cross references. — For accounting methods used by corporations, see 7-2A-11 NMSA 1978.
For deduction of accounting services from gross receipts by corporation, see 7-9-69 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation §§ 578, 579.
85 C.J.S. Taxation § 1759.