04/28/2004 04-05 ?The taxpayer sold his 2002 Ford Explorer to a private party for cash. He then applied that cash to the purchase of a new Toyota Sequoia. After paying motor vehicle excise tax on the full purchase price of the Toyota, the taxpayer applied for a...
03/25/2004 04-04 The taxpayer reported business income on Schedule C (Profit or Loss from Business) of his 1999 federal income tax return but did not report New Mexico gross receipts tax on this income. In response to the Department’s audit notice, the taxpayer...
02/26/2004 04-03 Dart Industries, Inc., manufacturer and marketer of Tupperware products, entered into a franchise distribution agreement with Susan Carnell, who is located in Albuquerque. An audit performed by the Multistate Tax Commission on behalf of the Department...
02/16/2004 04-02 Sometime after purchasing Team Specialty Products, Inc., the new owners discovered that their bookkeeping staff had failed to file an application for the technology jobs tax credit for the period January through December, 2001. The company’s new CPA...
01/08/2004 04-01 On October 15, 1999, the taxpayer filed a New Mexico personal income tax return (Form PIT-1) for the 1998 tax year, reporting a tax liability of $1,018. No payment was included with the return. On March 19, 2002, the Department issued an assessment...