N.M. Admin. Code § 3.2.223.7

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

Section 3.2.223.7 - DEFINITIONS

A."Lots" defined:

(1) As used in Section 7-9-65 NMSA 1978 the term "lots" means a parcel or single article which is the subject matter of a separate sale or delivery, whether or not it is sufficient to perform the contract.

(2) Example: H sells P fifteen tons of hydrochloric acid on March 1, 1978. On April 15, 1978, H sells P another ten tons of chemicals. P does not use the chemicals for exempt purposes. H wants to deduct the gross receipts from these sales since the total amount of chemicals sold exceeded eighteen tons. In this case one lot amounted to fifteen tons, the other to ten tons. The sales may not be added for the purpose of this deduction. The deduction will be disallowed.

B."Chemical" defined: As used in Section 7-9-65 NMSA 1978 the term "chemical" means a substance used for producing a chemical reaction.

N.M. Admin. Code § 3.2.223.7

9/29/67, 12/5/69, 3/9/72, 11/20/72, 3/20/74, 7/26/76, 6/18/79, 4/7/82, 5/4/84, 10/23/85, 4/2/86, 11/26/90, 11/15/96; 3.2.223.7 NMAC - Rn, 3 NMAC 2.65.7 & A, 6/14/01