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

7-9-69. Deduction; gross receipts tax; administrative and accounting services.

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; and   

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