New Mexico: Overpayments from one period deemed paid against deficiencies in another period

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The New Mexico Taxation and Revenue Department held that a taxpayer's tax liabilities were deemed paid to the extent overpayments were made in subsequent years. In addition, interest is calculated on the tax liabilities to the date of overpayment. [In the Matter of the Protest of Burlington Northern Santa Fe Corp., No. 12-01, 12/28/11, released 2/7/12.]



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