N.M. Admin. Code § 3.2.220.17 - WRITTEN STATEMENT OF FARMING OR RANCHING
A. The written statement required by Section 7-9-62 NMSA 1978 for receipts from the sale of agricultural implements on or after July 1, 1998 shall be in the form set out in Subsection B of Section 3.2.216.8 NMAC and must be signed personally by the purchaser or the purchaser's agent. The written statement must be accepted in good faith by the seller in order for the seller to take the deduction authorized by Section 7-9-62 NMSA 1978 with respect to transactions occurring on or after July 1, 1998. The good faith acceptance requirement applies to each transaction intended to be covered by the written statement.
B. Receipts from the sale of agricultural implements on or after July 1, 1998 may not be deducted under Section 7-9-62 NMSA 1978 unless the sale is made to a person who makes a written statement in compliance with Section 7-9-62 NMSA 1978.
C. For the purposes of Section 7-9-62 NMSA 1978, it is sufficient if the seller receives one written statement from each purchaser, provided the seller maintains that statement on file.
D. When a seller accepts in good faith a person's written statement that the person is regularly engaged in the business of farming or ranching, the written statement shall be conclusive evidence that the receipts from the transaction with the person having made the statement are deductible from the seller's gross receipts under Section 7-9-62 NMSA 1978.
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