New Mexico § 7-9-78 Deductions; compensating tax; use of tangible personal

New Mexico Statutes

§ 7-9-78 — Deductions; compensating tax; use of tangible personal

New Mexico·Ch. 7 Taxation·Art. 9 Gross Receipts and Compensating Tax

property for leasing. A. Except as provided otherwise in Subsection B of this section, the value of tangible personal property may be deducted in computing the compensating tax due if the person using the tangible personal property:

(1)is engaged in a business which derives a substantial portion of its receipts from leasing or selling tangible personal property of the type leased;

(2)does not use the tangible personal property in any manner other than holding it for lease or sale or leasing or selling it either by itself or in combination with other tangible personal property in the ordinary course of business; and (3) does not use the tangible personal property in a manner incidental to the performance of a service. B. The deduction provided by this section shall not apply to the value

Free access — add to your briefcase to read the full text and ask questions with AI

property for leasing. A. Except as provided otherwise in Subsection B of this section, the value of tangible personal property may be deducted in computing the compensating tax due if the person using the tangible personal property: (1) is engaged in a business which derives a substantial portion of its receipts from leasing or selling tangible personal property of the type leased; (2) does not use the tangible personal property in any manner other than holding it for lease or sale or leasing or selling it either by itself or in combination with other tangible personal property in the ordinary course of business; and (3) does not use the tangible personal property in a manner incidental to the performance of a service. B. The deduction provided by this section shall not apply to the value of: (1) furniture or appliances furnished as part of a leased or rented dwelling house or apartment by the landlord or lessor; (2) coin-operated machines; or (3) manufactured homes.

New Mexico § 7-9-78 (Deductions; compensating tax; use of tangible personal) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.