New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 231 - DEDUCTION - GROSS RECEIPTS TAX - TRADE-IN ALLOWANCE
Section 3.2.231.9 - MUSICAL INSTRUMENTS
Universal Citation: 3 NM Admin Code 3.2.231.9
Current through Register Vol. 35, No. 18, September 24, 2024
That portion of the receipts of a music dealer which represents a trade-in of a musical instrument may be deducted from gross receipts only if the trade-in was accepted on the sale of another musical instrument of the same type as the instrument accepted for trade-in. Similarly, that portion of receipts of a music dealer which represents a trade-in of equipment for amplifying musical sound used in conjunction with musical instruments may be deducted from gross receipts only if the trade-in was accepted on the sale of other equipment for amplifying musical sound used in conjunction with musical instruments.
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