07/17/1998 98-38 Taxpayer was notified of a limited scope audit (C-SPAN) based on a discrepancy between the business income reported on her 1994 federal income tax return and the receipts reported to New Mexico. Taxpayer was notified that she had a 60-day period to...
07/15/1998 98-37 Taxpayer was audited by the Department and given a 60-day notice pursuant to Section 7-9-43 that all NTTCs and other evidence to support the taxpayers deductions must be provided to the auditor by January 2, 1998. On December 31, 1998 the Department...
07/15/1998 98-39 Taxpayer protested the imposition of penalty and interest on the grounds that he is unable to pay. Inability to pay is not a basis for compromising or abating an assessment. Grounds existed for both imposition of penalty and interest. Protest...
07/06/1998 98-36 Taxpayer is a securities broker-dealer. Taxpayer protested assessment of gross receipts tax, claiming its receipts from dealer concessions for its role in handling purchases of mutual fund shares for its customers are exempt as receipts from the sale...
06/18/1998 98-35 The Department had seized the assets of the taxpayer's bank account pursuant to two Warrants of Levy served upon the Taxpayer's bank on the same day. The Department's letter informing the Taxpayer of the Department's action only referred to one of the...
06/15/1998 98-34 TP, first-year resident incorrectly allocated income on his New Mexico personal income tax return and was assessed for the additional tax, penalty and interest. TP argued that 1) the instructions for completing the return were confusing; 2) a...
06/02/1998 98-33 TP was assessed interest for the failure to pay the gross receipts tax on income earned as independent contractors. TP requested that the interest be abated because his failure to pay the tax was unintentional and it would create a hardship for his...
05/27/1998 98-31 TP, a licensed contractor, constructed three homes, lived in them for a short period of time and then sold them. TP protested the assessment of gross receipts tax, arguing 1) the sales were isolated and occasional; 2) because he paid gross receipts...
05/26/1998 98-32 TP was assessed gross receipts tax upon commissions received as a commodities futures broker. Taxpayer argued that imposition of tax was barred because commodities futures trades were transactions in interstate commerce and because the comprehensive...
05/26/1998 98-30 TP claimed a refund for an overpayment of corporate income taxes that were offset against a prior tax liability of penalty & interest for late estimated payments. TP argued that the penalty & interest was not due under the provisions of...