Conoco, Inc. v. State Taxation & Revenue Department

I respectfully dissent. I would reverse the administrative hearing officer’s decision that upheld the State Taxation and Revenue Department’s denial of Taxpayer’s refund claims for the 1988,1989, and 1990 tax years and affirmed the imposition of additional taxes and penalties against Taxpayer for the 1991 tax year.

The Department concedes that New Mexico’s corporate income tax statute, as it applies to the separate entity method of reporting, is similar to Iowa’s corporate income tax scheme that was declared invalid by the United States Supreme Court in Kraft General Foods, Inc. v. Iowa…