New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 223 - DEDUCTION - GROSS RECEIPTS TAX - CHEMICALS AND REAGENTS
Section 3.2.223.11 - GENERAL EXAMPLE
Universal Citation: 3 NM Admin Code 3.2.223.11
Current through Register Vol. 35, No. 18, September 24, 2024
Y Company sells salt to the X Mining Company which uses the salt as a reagent in processing ores in a well, smelter or refinery. Y may deduct the receipts from this sale, whether or not the salt was sold to X in lots in excess of eighteen tons.
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