New Mexico § 46-3A-505 - Income taxes
Full text of New Mexico New Mexico Statutes Annotated § 46-3A-505 — Income taxes, with citation guidance and answers to common questions.
§ 46-3A-505. Income taxes
A. A tax required to be paid by a trustee based on receipts allocated to income must
be paid from income. B. A tax required to be paid by a trustee based on receipts allocated to principal
must be paid from principal, even if the tax is called an income tax by the taxing
authority. C. A tax required to be paid by a trustee on the trust's share of an entity's taxable
income must be paid: (1) from income to the extent that receipts from the entity are allocated only to
income; (2) from principal to the extent that receipts from the entity are allocated only
to principal; (3) proportionately from principal and income to the extent that receipts from the
entity are allocated to both income and principal; and (4) from principal to the extent that the tax exceeds the total receipts from the
entity. D. After applying Subsections A through C of this section, the trustee shall adjust
income or principal receipts to the extent that the trust's taxes are reduced because
the trust receives a deduction for payments made to a beneficiary.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 46-3A-505
What does New Mexico Statutes Annotated § 46-3A-505 cover?
Section 46-3A-505 ("Income taxes") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 46-3A-505?
A common citation format is "New Mexico Statutes Annotated § 46-3A-505" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 46-3A-505 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.