As used in this part, unless the context otherwise requires:

(1)

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Terms Used In Tennessee Code 47-25-202

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • Personal property: All property that is not real property.
  • Personal property: includes money, goods, chattels, things in action, and evidences of debt. See Tennessee Code 1-3-105
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Retailer: means and includes every person, partnership, firm, corporation or association engaged in the business of making sales at retail within this state. See Tennessee Code 47-25-202
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • wholesale sales: means and includes any transfer, for a valuable consideration made in the ordinary course of trade or the usual prosecution of the seller's business, of title to tangible personal property to the purchaser for resale either in its original form or as processed or prepared for resale by hotels, cafes, or hospitals or other institutions. See Tennessee Code 47-25-202
  • Wholesaler: means and includes every person, partnership, firm, corporation, or association engaged in the business of making sales at wholesale within this state. See Tennessee Code 47-25-202
(A) “Cost to the retailer” means whichever is lower of the following:

(i) The purchase price of the product or commodity to the retailer at the retail outlet when the invoice is dated not more than sixty (60) days prior to the sale of such product or commodity by the retailer; or
(ii) The replacement cost of such product or commodity to the retailer at the time of sale in the quantity last purchased by the retailer;

less any legitimate trade discounts, but exclusive of cash discounts for prompt payment, and plus a mark-up amounting to not less than the minimum cost of distribution by the most efficient retailer, which mark-up, in the absence of proof to the contrary, shall be six percent (6%);

(B) In all retail sales involving more than one (1) item or commodity, the retailer’s price on individual items or commodities shall be computed on the “cost to the retailer” as herein defined;
(C) “Cost to the retailer” in either of the above definitions includes as a part thereof any and all taxes and/or licenses levied against the item or items by the federal, state, county or municipal government;
(D) “Cost to the retailer” must be bona fide cost, and sales to retailers at prices which cannot be justified by existing market conditions within this state shall not be used as a basis for computing costs with respect to sales by retailers;
(2)

(A) “Cost to the wholesaler” means and includes whichever is lower of the following:

(i) The purchase price of the product or commodity to the wholesaler when the invoice is dated not more than sixty (60) days prior to the sale of such product or commodity by the wholesaler; or
(ii) The replacement cost of such product or commodity to the wholesaler at the time of sale in the quantity last purchased by the wholesaler;

less any legitimate trade discounts, but exclusive of cash discounts for prompt payment;

(B) In all wholesale sales involving more than one (1) item or commodity, the wholesaler’s selling price on individual items or commodities shall be computed on the “cost to wholesaler,” as herein defined;
(C) “Cost to the wholesaler” must be bona fide cost, and sales to wholesalers at prices which cannot be justified by existing market conditions within this state shall not be used as a basis for computing costs with respect to sales by wholesalers;
(3) “Retailer” means and includes every person, partnership, firm, corporation or association engaged in the business of making sales at retail within this state;
(4) “Sale at retail,” “sales at retail” or “retail sale” means and includes any transfer, made in the ordinary course of trade or in the usual prosecution of the seller’s business, of title to tangible personal property to the purchaser for use or consumption and for a valuable consideration. “Sale at retail,” “sales at retail” or “retail sale” mean any transfer of such property where title is retained as security for the purchase price but is intended to be transferred later;
(5) “Sale at wholesale,” “sales at wholesale” or “wholesale sales” means and includes any transfer, for a valuable consideration made in the ordinary course of trade or the usual prosecution of the seller’s business, of title to tangible personal property to the purchaser for resale either in its original form or as processed or prepared for resale by hotels, cafes, or hospitals or other institutions. “Sale at wholesale,” “sales at wholesale” or “wholesale sales” mean any transfer of such property where title is retained as security for the purchase price but is intended to be transferred later; and
(6) “Wholesaler” means and includes every person, partnership, firm, corporation, or association engaged in the business of making sales at wholesale within this state.
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