New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 223 - DEDUCTION - GROSS RECEIPTS TAX - CHEMICALS AND REAGENTS
Section 3.2.223.7 - DEFINITIONS
Universal Citation: 3 NM Admin Code 3.2.223.7
Current through Register Vol. 35, No. 18, September 24, 2024
A. "Lots" defined:
(1) As used in Section
7-9-65
NMSA 1978 the term "lots" means a parcel or single article which is the subject
matter of a separate sale or delivery, whether or not it is sufficient to
perform the contract.
(2) Example:
H sells P fifteen tons of hydrochloric acid on March 1, 1978. On April 15,
1978, H sells P another ten tons of chemicals. P does not use the chemicals for
exempt purposes. H wants to deduct the gross receipts from these sales since
the total amount of chemicals sold exceeded eighteen tons. In this case one lot
amounted to fifteen tons, the other to ten tons. The sales may not be added for
the purpose of this deduction. The deduction will be disallowed.
B. "Chemical" defined: As used in Section 7-9-65 NMSA 1978 the term "chemical" means a substance used for producing a chemical reaction.
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