Tennessee § 56-4-308 - Powers of commissioner — Failure to file return or filing false return.

§ 56-4-308. Powers of commissioner — Failure to file return or filing false return.

The commissioner is vested with the following powers: To examine at the expense of the investment company, subject to this part, the books and records, for the purpose of determining the amount of taxes due, in the event of the failure of the investment company to make its return or for the purpose of verifying or correcting any return made; and To issue distress warrants for the collection of any tax due and unpaid, or to institute suit in the courts of law or chancery, for the use and benefit of the state. Upon the failure or refusal of any investment company subject to this part to file a return or upon the filing of a false return, the investment company shall thereafter be estopped to dispute the accuracy of the assessment made by the commissioner. Acts 1939, ch. 187, § 7; C. Supp. 1950, § 1248.39 (Williams, § 1248.166); T.C.A. (orig. ed.), §§ 67-4408, 67-4-1208; Acts 1988, ch. 526, § 11. Code Commission Notes. For the transfer of collection of taxes imposed upon investment companies from the department of commerce and insurance to the department of revenue, see Executive Order No. 64 (March 26, 1985). Compiler's Notes. Acts 1988, ch. 526, § 45 provided that the amendment by that act shall apply to all assessments of penalty made on or after January 1, 1989.