N.M. Admin. Code § 3.2.242.11

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

Section 3.2.242.11 - EXCHANGES AND REFUNDS

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.

3.2.242.11 NMAC - N, 8/15/05; A, 7/31/12