67-4-2115 - Filing of return. - Tennessee Statutes

67-4-2115. Filing of return.

The franchise tax return shall be filed as provided in § 67-4-2015. In the event the taxpayer's taxable year is closed within less than twelve (12) months of incorporation, domestication, or commencing of business, the franchise tax of a domestic corporation shall be prorated to cover the proportionate part of the year since the date of incorporation, or the date of commencing business, whichever occurred first. The franchise tax of a foreign corporation shall be prorated to cover the proportionate part of the year since beginning business in this state; provided, that, in such an event, annualization of rent paid shall be required when determining the minimum franchise tax base under § 67-4-2108. In the event the taxpayer changes its accounting period covered by the federal return, a return shall be required for each closing of an accounting period, and the franchise tax shall be prorated to cover the proportionate part of the year covered by the return; provided, that, in such an event, annualization of rent paid shall be required when determining the minimum franchise tax base under § 67-4-2108. Except as provided in this section, the franchise tax shall not be prorated.

[Acts 1999, ch. 406, § 4; 2005, ch. 499, § 82.]