New Mexico § 45-3-921 - Definitions

§ 45-3-921. Definitions

As used in the Uniform Estate Tax Apportionment Act: A. “ apportionable estate ” means the value of the gross estate as finally determined for purposes of the estate

tax to be apportioned reduced by: (1) any claim or expense allowable as a deduction for purposes of the tax; (2) the value of any interest in property that, for purposes of the tax, qualifies

for a marital or charitable deduction or otherwise is deductible or is exempt; and (3) any amount added to the decedent's gross estate because of a gift tax on transfers

made before death; B. “ estate tax ” means a federal, state or foreign tax imposed because of the death of an individual

and interest and penalties associated with the tax. The term does not include an inheritance tax, income tax or generation-skipping

transfer tax other than a generation-skipping transfer tax incurred on a direct skip

taking effect at death; C. “ gross estate ” means, with respect to an estate tax, all interests in property subject to the tax; D. “ person ” means an individual, corporation, business trust, estate, trust, partnership, limited

liability company, association, joint venture, public corporation, government, governmental

subdivision, agency or instrumentality, or any other legal or commercial entity; E. “ ratable ” means apportioned or allocated pro rata according to the relative values of interests

to which the term is to be applied. “ Ratably ” has a corresponding meaning; F. “ time-limited interest ” means an interest in property which terminates on a lapse of time or on the occurrence

or nonoccurrence of an event or which is subject to the exercise of discretion that

could transfer a beneficial interest to another person. The term does not include a cotenancy unless the cotenancy itself is a time-limited

interest; and G. “ value ” means, with respect to an interest in property, fair market value as finally determined

for purposes of the estate tax that is to be apportioned, reduced by any outstanding

debt secured by the interest without reduction for taxes paid or required to be paid

or for any special valuation adjustment.