New Mexico Court of Appeals August 1, 2000, 19,625 (Rauscher, Pierce, Refsnes, Inc. v. Taxation & Revenue Department)

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).