N.M. Admin. Code § 3.29.14.7 - DEFINITIONS
"Gross receipts" means the total amount of money or the value of other consideration received less cash discounts allowed and taken, refunds and allowances made to buyers or lessees and, for a person reporting gaming tax on an accrual basis, amounts written off the books as an uncollectible debt provided that, if any or all of the amounts are subsequently collected, such receipts shall be included in gross receipts in the month of collection. In an exchange in which the money or other consideration received does not represent the value of the property exchanged, "gross receipts" means the reasonable value of the property exchanged.
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