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New Mexico Statutes Chapter 7. Taxation § 7-9-69. Deduction; gross receipts tax; administrative and accounting services

Current as of January 01, 2024 | Updated by Findlaw Staff

A. Receipts of a business entity for administrative, managerial, accounting and customer services performed by it for an affiliate upon a nonprofit or cost basis and receipts of a business entity from an affiliate for the joint use or sharing of office machines and facilities upon a nonprofit or cost basis may be deducted from gross receipts.

B. For the purposes of this section:

(1) “affiliate” means a business entity that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with another business entity;

(2) “business entity” means a corporation, limited liability company, partnership, limited partnership, limited liability partnership or real estate investment trust, but does not mean an individual or a joint venture; and

(3) “control” means equity ownership in a business entity that:

(a) represents at least fifty percent of the total voting power of that business entity; or

(b) has a value equal to at least fifty percent of the total equity of that business entity.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 7. Taxation § 7-9-69. Deduction; gross receipts tax; administrative and accounting services - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-7-taxation/nm-st-sect-7-9-69/

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