Terms Used In Tennessee Code > Title 67 > Chapter 4 > Part 20 - Excise Tax Law of 1999

• Affiliate: means any entity:
  (i) In which the taxpayer, directly or indirectly, has more than fifty percent (50%) ownership interest. See Tennessee Code 67-4-2004
• Affiliated group: means :
  (i) A taxpayer that, standing alone, is subject to the Tennessee franchise tax. See Tennessee Code 67-4-2004
• Agriculture: means :
  (i) The land, buildings and machinery used in the commercial production of farm products and nursery stock. See Tennessee Code 1-3-105
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Amortization: Paying off a loan by regular installments.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Business of a financial institution: means :
  (i) The business that a regulated financial corporation may be authorized to do under state or federal law or the business that its subsidiary is authorized to do by the proper regulatory authorities. See Tennessee Code 67-4-2004
• captive REIT: means an entity with an election in effect under §. See Tennessee Code 67-4-2004
• Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
• Commercial domicile: means the principal place from which the trade or business of a business entity is directed or managed. See Tennessee Code 67-4-2004
• Commissioner: means the commissioner of revenue. See Tennessee Code 67-4-2004
• Compensation: means wages, salaries, commissions and any other form of remuneration paid to employees for personal services. See Tennessee Code 67-4-2004
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Department: means the department of revenue. See Tennessee Code 67-4-2004
• Dependent: A person dependent for support upon another.
• Descendent: One who is directly descended from another such as a child, grandchild, or great grandchild.
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fiduciary: A trustee, executor, or administrator.
• Final return status: means the status of any person or taxpayer that has commenced the process of effecting a surrender of charter, withdrawal of qualification to do business in this state, merger, consolidation, liquidation, complete sale, transfer or distribution of assets, conversion, dissolution, or any similar event that results in, or is intended to result in, the taxpayer ceasing to exist, or no longer being subject to the tax imposed by this part, or no longer having any substantial remaining business or financial activity. See Tennessee Code 67-4-2004
• Financial institution: means a holding company, any regulated financial corporation, a subsidiary of a holding company or a regulated financial corporation, an investment entity that is indirectly more than fifty percent (50%) owned by a holding company or a regulated financial corporation, or any other person that is carrying on the business of a financial institution. See Tennessee Code 67-4-2004
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• General partnership: means a partnership in which all partners, as defined by state law, are fully liable for the debts of, or the claims against, the partnership. See Tennessee Code 67-4-2004
• Grantor: The person who establishes a trust and places property into it.
• Holding company: means any corporation defined as a "bank holding company" under 12 U. See Tennessee Code 67-4-2004
• Hospital company: means a corporation or other entity subject to the taxes imposed under this part and part 21 of this chapter and that qualified before January 1, 1999, with the department as a hospital company as defined under prior law. See Tennessee Code 67-4-2004
• Intangible expense: means an expense related to, or in connection with, the acquisition, use, maintenance, management, ownership, sale, exchange, license, or any other disposition of intangible property, to the extent such amounts are allowed or allowable as deductions or costs in determining federal taxable income on a separate entity basis. See Tennessee Code 67-4-2004
• Intangible income: means income related to, or in connection with, the acquisition, use, maintenance or management, ownership, sale, exchange, license, or any other disposition of intangible property, to the extent such amounts are included or includable in determining federal taxable income. See Tennessee Code 67-4-2004
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• Intangible property: means patents, patent applications, trade names, trademarks, service marks, franchise rights, copyrights, licenses, research, formulas, designs, patterns, processes, formats, and similar types of intangible assets. See Tennessee Code 67-4-2004
• Internal Revenue Code: means title 26 of the United States Code as effective during the year in which net earnings are determined under this part. See Tennessee Code 67-4-2004
• Investment entity: means any person that receives more than fifty percent (50%) of its gross income from investment securities and from the business of a financial institution. See Tennessee Code 67-4-2004
• Investment securities: means , for purposes of this section, any note, United States treasury securities, obligations of United States government agencies and corporations, obligations of state and political subdivisions, corporate debt securities, participations in securities backed by mortgages held by the United States or state government agencies, loan-backed securities, bonds, debentures, evidence of indebtedness, and other similar debt investments. See Tennessee Code 67-4-2004
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lineal descendant: Direct descendant of the same ancestors.
• material interest: means the direct or indirect beneficial ownership, as defined in Rule 13d-3, 17 C. See Tennessee Code 67-4-2004
• Month: means a calendar month. See Tennessee Code 1-3-105
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Nonbusiness earnings: means all earnings other than business earnings. See Tennessee Code 67-4-2004
• Not-for-profit: means any person described in §. See Tennessee Code 67-4-2004
• Obligated member: means a member or partner of an obligated member entity that is fully liable for the debts, obligations and liabilities of the entity, as provided in §. See Tennessee Code 67-4-2004
• Obligated member entity: means a limited liability company, limited partnership or limited liability partnership, all of whose members or partners are fully liable for the debts, obligations and liabilities of the entity, as provided in §. See Tennessee Code 67-4-2004
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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.
• Pass-through entity: means an S corporation, an entity treated as a partnership for federal income tax purposes, an entity treated as a trust for federal income tax purposes or a business entity that has a single owner and that is disregarded as an entity separate from its owner for federal income tax purposes, but not for purposes of this part and part 21 of this chapter. See Tennessee Code 67-4-2004
• Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
• Personal property: includes money, goods, chattels, things in action, and evidences of debt. See Tennessee Code 1-3-105
• Personal property: All property that is not real property.
• Property: includes both personal and real property. See Tennessee Code 1-3-105
• public REIT: means an entity that has an election in effect under §. See Tennessee Code 67-4-2004
• Qualified commercial financing entity: means a person that qualified for the credit in §. See Tennessee Code 67-4-2004
• Qualified medical trade center: means any facility, located in a county with a metropolitan form of government, that is substantially composed of permanent and temporary show rooms for medical product suppliers as well as educational space and conference facilities for medical trade shows. See Tennessee Code 67-4-2004
• Qualified medical trade center relocation expenses: means those expenses that both the commissioner of revenue and the commissioner of economic and community development determine, in their sole discretion, are necessary to the creation of a permanent show room within a qualified medical trade center in conjunction with the initial establishment of such facility. See Tennessee Code 67-4-2004
• Qualified new or expanded warehouse or distribution facility: means a new or expanded facility for the storage or distribution of finished tangible personal property. See Tennessee Code 67-4-2004
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• real property: include lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
• Regulated financial corporation: means an institution, the deposits, shares, or accounts of which are insured under the Federal Deposit Insurance Act (12 U. See Tennessee Code 67-4-2004
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
• Representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
• Sales: means all gross receipts of the taxpayer not allocated under this part. See Tennessee Code 67-4-2004
• Savings and loan association: includes a building and loan association, a federal or state savings and loan association, a federal savings bank, and any other financial institution, the accounts of which are insured by the [former] federal savings and loan insurance corporation (FSLIC) or any successor [repealed] of such corporation. See Tennessee Code 1-3-105
• Securities: means United States treasury securities, obligations of United States government agencies and corporations, obligations of state and political subdivisions, corporate stock and other securities, participations in securities backed by mortgages held by the United States or state government agencies, loan-backed securities and similar investments. See Tennessee Code 67-4-2004
• signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
• State: means any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, any territory or possession of the United States and any foreign country or political subdivision thereof. See Tennessee Code 67-4-2004
• Statute: A law passed by a legislature.
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Substantial nexus in this state: means any direct or indirect connection of the taxpayer to this state such that the taxpayer can be required under the . See Tennessee Code 67-4-2004
• Taxing jurisdiction: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico or a territory or possession of the United States. See Tennessee Code 67-4-2004
• taxpayer: means every corporation, subchapter S corporation, limited liability company, professional limited liability company, registered limited liability partnership, professional registered limited liability partnership, limited partnership, cooperative, joint-stock association, business trust, regulated investment company, REIT, state-chartered or national bank, or state-chartered or federally chartered savings and loan association. See Tennessee Code 67-4-2004
• Tennessee historic property preservation or rehabilitation entity: means an entity that satisfies all of the following requirements:
  (A) The Tennessee historic property preservation or rehabilitation entity must be a corporation or limited liability company organized under the laws of Tennessee, that is directly or indirectly controlled by a not-for-profit entity, as defined in this part. See Tennessee Code 67-4-2004
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Trustee: A person or institution holding and administering property in trust.
• under common control with: means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of an entity, whether through the ownership of voting securities, by contract or otherwise, and shall be construed as "control" is used in the rules promulgated under the Securities Act of 1933 (15 U. See Tennessee Code 67-4-2004
• unitary group: includes those entities that are engaged in a unitary business transacted wholly in, or in and out of the state of Tennessee, even if some of the entities would not be subject to tax in this state, if considered apart from their unitary group. See Tennessee Code 67-4-2004
• United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
• Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105