03/13/1997
Reimbursement of moving expenses were deducted from federal adjusted gross income for NM purposes on belief that the reimbursement was not subject to state taxation – TP protested the tax, penalty and interest assessed; Department agreed penalty not due and that assessed was beyond statute of limitations; TP owes the tax on the moving expenses to NM and interest is properly due on the unpaid tax – the statute of limitations had not expired and the department is not barred by the doctrine of equitable recoupment.