Security Escrow Corp. v. State of Taxation & Revenue Department

OPINION

APODACA, Judge.

The State of New Mexico Taxation and Revenue Department (Department) appeals from the trial court's judgment and order granting plaintiffs’ (taxpayers) application for a tax refund. Two issues are raised by the Department: (1) whether basic real estate contracts constitute loan transactions, such that receipts from charges for handling payments made under the contracts may be deducted from taxpayers’ gross receipts; and (2) whether the trial court erred in granting summary judgment in favor of taxpayers and denying the Department’s own motion for summary judgment. We…