Tennessee Code 67-2-109 – Brokers – Liability for return and tax
Terms Used In Tennessee Code 67-2-109
- Commissioner: means the commissioner of revenue. See Tennessee Code 67-2-101
- Stocks: means shares of stock issued by corporations chartered and organized under the laws of the state of Tennessee, or of any other state, or of the United States, or of any foreign government, and all interests in partnerships, associations, or trusts represented by transferable evidence of such interest. See Tennessee Code 67-2-101
When and if a broker or commission dealer does not make physical delivery to the broker’s or commission dealer’s customers of stocks and bonds, income from which is taxable under this chapter, but retains possession or title, or both, in such broker or commission dealer or through a nominee agent depository of such security and receives such income or credit for the stocks and bonds, the broker or commission dealer shall report such income to the commissioner, and pay the tax on the income measured by the dividends or interest credited, or which should be credited, to the accounts of the broker’s or commission dealer’s customers, unless the broker or commission dealer furnishes to the commissioner a list of the broker’s or commission dealer’s customers, with the last known address of each, to whom such dividends or interest have been paid or credited and the amount of the dividends or interest.