Rust Tractor Co. v. Bureau of Revenue

OPINION

SPIESS, Chief Judge.

Appeal is taken from .a decision and order, of the Commissioner of Revenue pursuant to § 72 — 13-39, N.M.S.A.1953 (Repl. Vol. 10, Supp.1969).

The. appeal presents these questions: First,- did the Commissioner properly impose a deficiency assessment at a 3% rate upon Taxpayer’s receipts from transactions evidenced by written contracts denominated “lease agreement” involving non-registered vehicles as against a contention that the transactions were installment sales agreements and the receipts taxable as to the particular equipment at 11/2% rate (at which rate tax had…