In the case of a taxpayer that deducts gross receipts pursuant to Section 7-9-92 or

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7-9-93 N.M. Stat. Ann. instead of deducting or exempting gross receipts pursuant to another applicable provision of the Gross Receipts and Compensating Tax Act [N.M. Stat. Ann. Chapter 7, Article 9] as required by those sections, there shall be assessed a penalty on the taxpayer in an amount equal to twenty percent of the value of the hold harmless distribution resulting from the incorrect deduction.