New Mexico Statutes 7-9C-8. Deductions; telecommunications providers
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A. Receipts from interstate telecommunications services that are provided by a corporation to itself or to an affiliated corporation may be deducted from interstate telecommunications gross receipts.
Terms Used In New Mexico Statutes 7-9C-8
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
B. For the purposes of this section:
(1) “affiliated corporation” means a corporation that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with the subject corporation; and
(2) “control” means ownership of stock in a corporation that represents at least eighty percent of the total voting power of the corporation and has a value equal to at least eighty percent of the total value of the stock of that corporation.