Strebeck Properties, Inc. v. New Mexico Bureau of Revenue

I dissent.

The sole issue on appeal is whether the taxpayer is entitled to a deduction in computing the compensating tax owed pursuant to § 7-9-78, N.M.S.A.1978 Comp.- (§ 72-16A-15.1, N.M.S.A.1953 Comp.). This section provides in material part:

The value of tangible personal property, . . may be deducted in computing the compensating tax due if the person using the tangible personal property:

A. is engaged in a business which derives a substantial portion of its receipts from leasing, . . tangible personal property of the type leased; and

B. does not use the tangible personal property in any…