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RAUSCHER, PIERCE, REFSNES v. TAX. AND REV.

No. 19,625.

9 P.3d 648 (2000)

129 N.M. 404

2000-NMCA-065

RAUSCHER, PIERCE, REFSNES, INC., Petitioner-Appellant, v. The TAXATION AND REVENUE DEPARTMENT OF the STATE of New Mexico, Respondent-Appellee.

Court of Appeals of New Mexico.

Certiorari Granted August 1, 2000.

Attorney(s) appearing for the Case

Mary E. McDonald, Sutin, Thayer & Brown, P.C., Santa Fe, for Appellant.

Patricia A. Madrid, Attorney General, Bridget Jacober, Special Assistant Attorney General, NM Taxation & Revenue Department, Legal Services Bureau, Santa Fe, for Appellee.

Certiorari Granted No. 26,344, August 1, 2000.

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...

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