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RUST TRACTOR CO. v. BUREAU OF REVENUE

No. 471.

475 P.2d 779 (1970)

RUST TRACTOR CO., a Delaware corporation, and Rust Tractor of New Mexico, Inc., a New Mexico corporation, Appellants, v. BUREAU OF REVENUE, State of New Mexico, and Franklin Jones, Commissioner of Revenue, Appellees.

Court of Appeals of New Mexico.

Certiorari Denied October 15, 1970.

Attorney(s) appearing for the Case

Robert C. Poole, Poole, Tinnin & Danfelser, Albuquerque, for appellants.

James A. Maloney, Atty. Gen., Santa Fe, Richard J. Smith, Asst. Atty. Gen, John C. Cook, Sp. Asst. Atty. Gen., for appellees.

OPINION

SPIESS, Chief Judge.

Appeal is taken from a decision and order of the Commissioner of Revenue pursuant to § 72-13-39, N.M.S.A. 1953 (Repl. Vol. 10, Supp. 1969).

The appeal presents these questions: First, did the Commissioner properly impose a deficiency assessment at a 3% rate upon Taxpayer's receipts from transactions evidenced by written contracts denominated "lease agreement" involving non...

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