New Mexico Administrative Code
Title 3 - TAXATION
Chapter 29 - MISCELLANEOUS STATE TAXES AND FEES
Part 14 - GAMING TAXES
Section 3.29.14.7 - DEFINITIONS
Universal Citation: 3 NM Admin Code 3.29.14.7
Current through Register Vol. 35, No. 18, September 24, 2024
"Gross receipts" means the total amount of money or the value of other consideration received less cash discounts allowed and taken, refunds and allowances made to buyers or lessees and, for a person reporting gaming tax on an accrual basis, amounts written off the books as an uncollectible debt provided that, if any or all of the amounts are subsequently collected, such receipts shall be included in gross receipts in the month of collection. In an exchange in which the money or other consideration received does not represent the value of the property exchanged, "gross receipts" means the reasonable value of the property exchanged.
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