Legal Opinion
Rauscher, Pierce, Refsnes, Inc. v. Taxation & Revenue Department
New Mexico Court of Appeals
Decided August 1, 2000No. 19,625PublishedCited by 2 opinions
1Opinion of the Court
OPINION
BOSSON, J.
{1} We consider as a matter of first impression in New Mexico whether the receipts of a securities brokerage firm from the sale of mutual funds to its customers are taxable for gross receipts tax purposes. See NMSA 1978, §§ 7-9-1 to -89 (1966, as amended through 1999). The New Mexico Taxation and Revenue Department (the Department) assessed gross receipts tax, together with penalties and interest, on revenues that Rauscher, Pierce, Refsnes, Inc. (Taxpayer) earned as a result of transactions in mutual funds from January 1, 1987 through June 30, 1992. Upon Taxpayer’s protest, a…
2Cases cited12 opinions
- United States v. National Association of Securities Dealers, Inc.Supreme Court of the United States · 1975
- Key v. Chrysler Motors Corp.New Mexico Supreme Court · 1996
- ITT Educational Services, Inc. v. Taxation & Revenue DepartmentNew Mexico Court of Appeals · 1998
- Herrera v. Roman Catholic ChurchNew Mexico Court of Appeals · 1991
- Wing Pawn Shop v. Taxation & Revenue DepartmentNew Mexico Court of Appeals · 1991
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3Cited by2 opinions
- Rauscher, Pierce, Refsnes, Inc. v. Taxation & Revenue DepartmentNew Mexico Supreme Court · 2002
- State v. WilliamsNew Mexico Court of Appeals · 2011