New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 242 - DEDUCTION - GROSS RECEIPTS TAX - RECEIPTS OF RETAILERS FROM SALES OF CERTAIN TANGIBLE PERSONAL PROPERTY
Section 3.2.242.11 - EXCHANGES AND REFUNDS
Universal Citation: 3 NM Admin Code 3.2.242.11
Current through Register Vol. 35, No. 18, September 24, 2024
A. The exchange after the time period specified in Section 7-9-95 NMSA 1978 of tangible personal property that was purchased during the time period specified in Section 7-9-95 NMSA 1978 remains deductible if there is no additional charge for the exchange.
B. If an item of tangible personal property purchased during the time period specified in Section 7-9-95 NMSA 1978 and deductible under Section 7-9-95 NMSA 1978 is exchanged at a later time for an item of different value, the receipts from the subsequent sale are subject to gross receipts tax.
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