Tennessee § 56-4-405 - Powers of commissioner — Failure or refusal to file a return, filing a false and fraudulent return.

§ 56-4-405. Powers of commissioner — Failure or refusal to file a return, filing a false and fraudulent return.

The commissioner is vested with the following powers: To examine the books and records of the production credit association for the purpose of determining the amount of taxes due, in the event of the failure of the association 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 taxes due and unpaid or to institute suit in the courts of law or chancery, for the use and benefit of the state; and Upon the failure or refusal of any association to file a return, or upon the filing of a false and fraudulent return, the association shall thereafter be estopped to dispute the accuracy of the assessment made by the commissioner. Acts 1951, ch. 45, § 6 (Williams, § 1248.184); T.C.A. (orig. ed.), §§ 67-4505, 67-4-1305; Acts 1988, ch. 526, § 12. Code Commission Notes. For transfer of collection of taxes imposed upon production credit associations 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. The interest rate provided for in this section may be affected by the provision in § 67-1-801 for a rate set by the commissioner of revenue.