Tennessee Code 67-6-223 – Property of proprietorship incorporated during tax period
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Terms Used In Tennessee Code 67-6-223
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Sale: includes the furnishing of any of the things or services taxable under this chapter. See Tennessee Code 67-6-102
No tax is due with respect to tangible personal property of a sole proprietorship that becomes the assets of a corporation resulting from the incorporation of such sole proprietorship. Any such transactions are not a taxable event and shall not be deemed to be a sale under this title.