New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 227 - DEDUCTION - GROSS RECEIPTS TAX - REFUNDS - UNCOLLECTIBLE DEBTS
Section 3.2.227.11 - SALE OF REPOSSESSED PROPERTY
Universal Citation: 3 NM Admin Code 3.2.227.11
Current through Register Vol. 35, No. 18, September 24, 2024
A person reporting gross receipts or governmental gross receipts on an accrual basis is entitled to deduct amounts written off the books as an uncollectible debt for the amount credited to the buyer from whom the property was repossessed. Receipts from a subsequent sale of the same property are subject to the gross receipts tax or governmental gross receipts.
Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
