The New Mexico Taxation and Revenue Department issued a letter ruling on the sales and use tax treatment of a securities broker’s services. Fees for internet and touchtone phone trades placed by customers assigned to a New Mexico location but routed to brokers located in offices outside of New Mexico for execution are not subject to New Mexico gross receipts tax. In this case, brokers perform no services in New Mexico therefore the fees are not subject to New Mexico gross receipts tax. Fees for broker-assisted trades originated by brokers in offices outside of New Mexico for a New Mexico resident are likewise not subject to New Mexico gross receipts tax because no services are performed in New Mexico. Fees for broker-assisted trades by brokers located in New Mexico are subject to New Mexico gross receipts tax as the services are performed in New Mexico. (Ruling No. 401-12-1, New Mexico Taxation and Revenue Department, February 10, 2012)