Terms Used In Tennessee Code > Title 67 > Chapter 4 > Part 7 - Business Tax Act

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affiliated business entity: means a business entity:
  (A) In which the taxpayer, directly or indirectly, has more than fifty percent (50%) ownership interest. See Tennessee Code 67-4-702
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
• 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: includes any activity engaged in by any person, or caused to be engaged in by the person, with the object of gain, benefit, or advantage, either direct or indirect. See Tennessee Code 67-4-702
• 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
• Collector: includes any person entrusted with the collection of public revenue. See Tennessee Code 1-3-105
• Commissioner: means the commissioner of revenue or the commissioner's duly authorized assistants, except as otherwise provided in this part. See Tennessee Code 67-4-702
• 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, except as otherwise provided in this part. See Tennessee Code 67-4-702
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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.
• farm products: means forage and sod crops. See Tennessee Code 1-3-105
• Fiduciary: A trustee, executor, or administrator.
• 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.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Gross sales: means the sum total of all sales under this part as defined in this section, without any deduction whatsoever of any kind or character, except as provided in this part. See Tennessee Code 67-4-702
• Highway: includes public bridges and may be held equivalent to the words "county way" "county road" or "state road". See Tennessee Code 1-3-105
• Individual property owner: means a person who owns a vacation lodging. See Tennessee Code 67-4-702
• 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
• Inventories of merchandise held for sale or exchange: includes tangible personal property held by a merchant or business for lease or rental, but does not include such property in the possession of a lessee. See Tennessee Code 67-4-702
• 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}
• Lease or rental: means the leasing or renting of tangible personal property and the possession or use of the property by the lessee or renter for a consideration, without transfer of the title of such property. See Tennessee Code 67-4-702
• Lien: A claim against real or personal property in satisfaction of a debt.
• Livestock: means all equine as well as animals that are being raised primarily for use as food or fiber for human utilization or consumption including, but not limited to, cattle, sheep, swine, goats, and poultry. See Tennessee Code 1-3-105
• Markup: The process by which congressional committees and subcommittees debate, amend, and rewrite proposed legislation.
• merchandise: means any consumer item that is or is represented to be new or not previously owned by a consumer, and "temporary premises" means any public or quasi-public place, including a hotel, rooming house, storeroom, building or part of a building, tent, vacant lot, railroad car or motor vehicle that is temporarily occupied for the purpose of exhibiting stocks of merchandise to the public. See Tennessee Code 67-4-702
• Month: means a calendar month. See Tennessee Code 1-3-105
• Natural gas marketer: means any business that is not regulated as to rates and services by the Tennessee public utility commission. See Tennessee Code 67-4-702
• Not-for-profit: means any person described in §. See Tennessee Code 67-4-2004
• nursery stock: means all trees, shrubs, or other plants, or parts of such trees, shrubs or other plants, grown or kept for, or capable of, propagation, distribution or sale on a commercial basis. See Tennessee Code 1-3-105
• Overnight rentals: means rental of a vacation lodging to one (1) or more individuals for temporary human lodging not to exceed a period of one hundred eighty (180) consecutive days. See Tennessee Code 67-4-702
• 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 any individual, firm, partnership, joint venture, association, corporation, estate, trust, business trust, receiver, syndicate, or other group or combination acting as a unit, and the plural as well as the singular number. See Tennessee Code 67-4-702
• 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
• primarily: means that at least fifty percent (50%) of the taxable gross sales of the business are retail sales. See Tennessee Code 67-4-702
• Property: includes both personal and real property. See Tennessee Code 1-3-105
• Property management company: means a person who, for consideration, manages a vacation lodging for an individual property owner that provides such lodging for a rental fee to consumers. See Tennessee Code 67-4-702
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
• Resale: means a subsequent, bona fide sale of the property, services or taxable item by the purchaser. See Tennessee Code 67-4-702
• Retailer: means any person primarily engaged in the business of making retail sales. See Tennessee Code 67-4-702
• Sale: includes the furnishing of any of the things or services taxable under this part. See Tennessee Code 67-4-702
• Sales: means all gross receipts of the taxpayer not allocated under this part. See Tennessee Code 67-4-2004
• 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
• Seller: means every consignee, bailee, factor or auctioneer having either actual or constructive possession of tangible personal property, or having possession of the documents of title to tangible personal property, with power to sell such tangible personal property in the consignee's, bailee's, factor's or auctioneer's own name and actually so selling, is deemed the seller of such tangible personal property within the meaning of this part. See Tennessee Code 67-4-702
• Services: means and includes every activity, function or work engaged in by a person for profit or monetary gain, except as otherwise provided in this part. See Tennessee Code 67-4-702
• 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.
• 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 of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Tangible personal property: means and includes personal property that may be seen, weighed, measured, felt or touched, or is in any other manner perceptible to the senses. See Tennessee Code 67-4-702
• 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
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• Vacation lodging: means real property, other than the primary and regular residence or abode of an individual property owner, that is utilized, or can be utilized, for overnight rentals in the absence of the individual property owner. See Tennessee Code 67-4-702
• Wholesaler: means any person primarily engaged in the business of making wholesale sales. See Tennessee Code 67-4-702
• 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