{"id":6690,"date":"2000-05-10T12:38:57","date_gmt":"2000-05-10T18:38:57","guid":{"rendered":"https:\/\/www.tax.newmexico.gov\/all-nm-taxes\/?p=6690"},"modified":"2026-04-11T13:35:48","modified_gmt":"2026-04-11T19:35:48","slug":"silver-house-trading-company","status":"publish","type":"post","link":"https:\/\/www.tax.newmexico.gov\/all-nm-taxes\/2000\/05\/10\/silver-house-trading-company\/","title":{"rendered":"Silver House Trading Company"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;section&#8221; _builder_version=&#8221;3.22&#8243;][et_pb_row admin_label=&#8221;row&#8221; _builder_version=&#8221;3.25&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text _builder_version=&#8221;4.7.0&#8243; _module_preset=&#8221;default&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;]<\/p>\n<div class=\"blogDateTitleContainer\">\n<div class=\"blogDateTitle\">05\/10\/2000<\/div>\n<\/div>\n<div class=\"blogItem\">\n<p><a href=\"\/businesses\/wp-content\/uploads\/sites\/9\/2020\/11\/00-13__silver_house_trading_company.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">00-13<\/a><\/p>\n<p>Taxpayer is engaged in selling Native American jewelry, pottery and paintings. In 1993 the Taxpayer entered into a joint venture with a Colorado business to purchase and sell Native American jewelry throughout the west. In November 1995, the Department began a field audit of Taxpayer. Because Taxpayer\u2019s records were \u201cin disarray\u201d and the auditors were unable to determine which sales were made outside the state, all Taxpayer\u2019s bank deposits were treated as taxable receipts. Taxpayer filed a protest maintaining that most of its sales were wholesale or out-of-state sales and that a number of deposits made to Taxpayer\u2019s bank account were loan proceeds. Based on additional information provided by the Taxpayer, the Department agreed to a partial abatement. As to the remaining receipts, the hearing officer found there was sufficient evidence to show that certain bank deposits represented proceeds from a loan to the joint venture. The Taxpayer did not meet its burden of proving its right to additional adjustments for out-of-state sales. Held: The Taxpayer\u2019s protest is partially granted with respect to the loan proceeds. In all other respects, the Taxpayer\u2019s protest is denied.<\/p>\n<\/div>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.6.6&#8243; _module_preset=&#8221;default&#8221;]<\/p>\n<p><a href=\"\/all-nm-taxes\/tax-decisions-orders\/\">Back to Tax Decisions &amp; Orders<\/a><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>05\/10\/2000 00-13 Taxpayer is engaged in selling Native American jewelry, pottery and paintings. In 1993 the Taxpayer entered into a joint venture with a Colorado business to purchase and sell Native American jewelry throughout the west. In November 1995, the Department began a field audit of Taxpayer. Because Taxpayer\u2019s records were \u201cin disarray\u201d and the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[43],"tags":[],"class_list":["post-6690","post","type-post","status-publish","format-standard","hentry","category-tax-decisions-orders"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Silver House Trading Company : All NM Taxes<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tax.newmexico.gov\/all-nm-taxes\/2000\/05\/10\/silver-house-trading-company\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Silver House Trading Company : All NM Taxes\" \/>\n<meta property=\"og:description\" content=\"05\/10\/2000 00-13 Taxpayer is engaged in selling Native American jewelry, pottery and paintings. In 1993 the Taxpayer entered into a joint venture with a Colorado business to purchase and sell Native American jewelry throughout the west. In November 1995, the Department began a field audit of Taxpayer. 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