N.M. Admin. Code § 3.2.237.8

Current through Register Vol. 35, No. 23, December 10, 2024

Section 3.2.237.8 - GENERAL EXAMPLE

A. The following example illustrates the application of Section 7-9-77 NMSA 1978.

B. Example: Y charters an airplane from X, an out-of-state airplane dealer. The charter is for one month. After one week Y decides to buy the airplane. X allows Y a "trade-in" for the remaining three weeks of Y's charter. Y cannot deduct the value of this "trade-in" from the value of the airplane in computing the compensating tax due. The "trade-in" was not tangible personal property.

12/5/69, 3/9/72, 11/20/72, 3/20/74, 7/26/76, 6/18/79, 4/7/82, 5/4/84, 4/2/86, 11/26/90, 11/15/96; 3.2.237.8 NMAC - Rn, 3 NMAC 2.77.8 & A, 6/14/01