Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2016
Sales and Use Tax Annotations
295.0000 GROSS RECEIPTS
295.0945 Exchange of Foreign Currency to U.S. Dollars. A taxpayer lost money due to the devaluation of the Mexican currency. To determine the proper amount of gross receipts, the foreign currency has to be converted, by rate of exchange, to U.S. Dollars. In regard to normal over the counter sales, the rate of exchange at the time of sale is controlling. For sales and use tax purposes, the gross receipts must be measured by U.S. Dollars. When foreign currency is accepted, it must be presumed that the currency was accepted at the rate of exchange in effect at the time of the sale. 3/8/77.