{"id":6539,"date":"2006-12-18T11:56:09","date_gmt":"2006-12-18T18:56:09","guid":{"rendered":"https:\/\/www.tax.newmexico.gov\/all-nm-taxes\/?p=6539"},"modified":"2026-04-11T13:34:17","modified_gmt":"2026-04-11T19:34:17","slug":"manuel-vigil","status":"publish","type":"post","link":"https:\/\/www.tax.newmexico.gov\/all-nm-taxes\/2006\/12\/18\/manuel-vigil\/","title":{"rendered":"Manuel Vigil"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.7.0&#8243; _module_preset=&#8221;default&#8221;][et_pb_row _builder_version=&#8221;4.7.0&#8243; _module_preset=&#8221;default&#8221;][et_pb_column _builder_version=&#8221;4.7.0&#8243; _module_preset=&#8221;default&#8221; type=&#8221;4_4&#8243;][et_pb_text _builder_version=&#8221;4.7.0&#8243; _module_preset=&#8221;default&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;]<\/p>\n<div class=\"blogDateTitleContainer\">\n<div class=\"blogDateTitle\">12\/18\/2006<\/div>\n<\/div>\n<div class=\"blogItem\">\n<p><a href=\"https:\/\/realfile.tax.newmexico.gov\/06-21__manuel_vigil.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">06-21<\/a><\/p>\n<p>The Taxpayer is a resident of New Mexico who invested in two mutual funds. \u00a0The Taxpayer received a Form 1099 listing the dividend and capital gain distributions made from the funds during the previous tax year. \u00a0Pursuant to the Taxpayer\u2019s agreement with the funds, the distributions were not made in cash, but were reinvested in additional shares. \u00a0After the close of the year, the Taxpayer sold all of his shares in the two mutual funds at a substantial loss. \u00a0The Taxpayer did not include the dividend and capital gain distributions he received from the funds on his state or federal income tax returns. \u00a0The IRS and the Department subsequently assessed the Taxpayer for additional income tax on these distributions. \u00a0The Taxpayer protested, arguing that he should not have to pay tax because he lost money on the mutual funds, and because he did not receive the distributions in cash. \u00a0The Hearing Officer held that as a shareholder in the funds, which are treated as pass through entities, the Taxpayer was liable for tax on the funds\u2019 dividend and capital gain distributions. \u00a0The fact that he later lost money on the sale his shares did not absolve him of this liability. \u00a0Nor did his decision to have distributions reinvested, rather than paid in cash, affect the taxability of the distributions. \u00a0The Taxpayer\u2019s protest was denied. \u00a0<\/p>\n<\/div>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.6.6&#8243; _module_preset=&#8221;default&#8221;]<\/p>\n<p><a href=\"\/all-nm-taxes\/tax-decisions-orders\/\">Back to Tax Decisions &amp; Orders<\/a><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>12\/18\/2006 06-21 The Taxpayer is a resident of New Mexico who invested in two mutual funds. \u00a0The Taxpayer received a Form 1099 listing the dividend and capital gain distributions made from the funds during the previous tax year. \u00a0Pursuant to the Taxpayer\u2019s agreement with the funds, the distributions were not made in cash, but were [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"<!-- wp:divi\/placeholder \/-->","_et_gb_content_width":"960","footnotes":""},"categories":[43],"tags":[],"class_list":["post-6539","post","type-post","status-publish","format-standard","hentry","category-tax-decisions-orders"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Manuel Vigil : All NM Taxes<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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