Tenn. Comp. R. & Regs. 1320-04-05-.53 - TAXPAYERS' RETURNS AND RECORDS
(1) All persons
liable for business tax shall make complete reports of all sales and other
business receipts and list any deductions which they are entitled to make for
each separate place, location, or outlet in the State, and submit them on their
business tax returns as provided for in the Business Tax Act and the Rules and
Regulations relating thereto. Sales and receipts which are excludable, as
provided for in the Act and these Rules and Regulations, shall not be included
in the gross sales reported; but allowable deductions shall be included in the
gross sales reported and listed as a deduction on the business tax return and
so treated in computing and paying business tax due.
(2) Persons with two or more business
locations in a city and/or county may, upon request to and approval by the
Commissioner, file consolidated tax returns, provided only, however, that such
businesses are taxable under the same classification and at the same tax rate.
Such person must maintain in its books and records information necessary to
determine tax liability at each location.
Notes
Authority: T.C.A. ยงยง 67-1-102 and 67-4-703.
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