Terms Used In Tennessee Code > Title 67 > Chapter 4 > Part 5 - General Revenue Law - Privileges Taxable by State and Local Governments

• 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
• 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
• Person: includes a corporation, firm, company or association. 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
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• 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
• 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
• Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105