N.M. Code R. § 3.2.20.30 – Receipts from Sale of Real Estate

A. Receipts of an agency, institution, instrumentality or political subdivision of the state of New Mexico from the sale of real estate are not receipts from a taxable activity and are not governmental gross receipts.
B. Example 1: In the course of a project undertaken pursuant to the Metropolitan Redevelopment Code, City A sells a half-acre lot to a private interest. Receipts from the sale are receipts from the sale of real property and are not governmental gross receipts.
C. Example 2: City R maintains a cemetery. It sells plots in the cemetery to individuals. Receipts from the sale of the plots are receipts from the sale of real estate and are not governmental gross receipts.
[9/17/91, 10/2/92, 11/15/96; 3.2.20.30 NMAC - Rn, 3 NMAC 2.100.30, 4/30/01]