Tennessee § 67-2-101 - Chapter definitions.

§ 67-2-101. Chapter definitions.

As used in this chapter, unless the context otherwise requires: “Bond” means all obligations issued by any person, firm, joint-stock company, business trust or corporation organized and doing business under the laws of this state, or any other state, evidenced by an instrument whereby the obligor is bound to pay interest to the obligee regardless of whether the obligor is doing business in this state, or whether the obligation under the terms of which the interest accrues is a mortgage or lien on property located in this state or beyond the jurisdiction of the state; “Bond” does not include: Ordinary commercial paper, trade acceptance, etc., maturing in six (6) months or less from the date of issuance; or Certificates of deposit, repurchase agreements or similar evidences of indebtedness; “Commissioner” means the commissioner of revenue; “Corporate property” means the franchise, corporate excess or intangible value of the corporation as well as all other property; “Deficiency” means: The amount by which the tax imposed by this chapter exceeds the amount shown as the tax by the taxpayer upon the taxpayer's return; or If no amount is shown as the tax by the taxpayer upon the taxpayer's return, or if no return is made, the correct amount of the tax; “Person,” “it,” or any other singular pronoun means every natural person, inhabitant, resident, beneficiary of every trust or estate, partnership, joint-stock company, business trust, corporation or any other form of organization in receipt of dividends from corporate stocks and/or interest on bonds as defined in this section, regardless of the sources from which such income is derived, except as otherwise expressly provided. Any person who has a legal domicile in Tennessee shall be subject to the tax imposed; every person who maintains a place of residence in Tennessee for more than six (6) months in the tax year shall be subject to the tax imposed by this chapter, regardless of what place such person may claim as a legal domicile; “Stocks” means shares of stock issued by corporations chartered and organized under the laws of the state of Tennessee, or of any other state, or of the United States, or of any foreign government, and all interests in partnerships, associations, or trusts represented by transferable evidence of such interest; and “Taxpayer's tax year” means the calendar year, unless a fiscal year is elected by the taxpayer when the first fiscal year return is due to be filed. Acts 1931 (2nd Ex. Sess.), ch. 20, § 3; 1933, ch. 60, § 1; 1949, ch. 185, § 3; C. Supp. 1950, § 1123.3; Acts 1959, ch. 290, § 1; 1963, ch. 271, § 2; 1967, ch. 176, § 1; 1982, ch. 652, § 1; T.C.A. (orig. ed.), §§ 67-2601, 67-2624; Acts 1985, ch. 58, § 1; 1985, ch. 364, § 1; 1989, ch. 186, § 1. Compiler's Notes. Former § 67-2-101(1)(B)(ii) was held to be unconstitutional. See casenote under 1. Constitutionality, Notes to Decisions, Dominion Nat'l Bank v. Olsen, 771 F.2d 108 (6th Cir. 1985). Textbooks. Pritchard on Wills and Administration of Estates (4th ed., Phillips and Robinson), § 789. Tennessee Jurisprudence, 23 Tenn. Juris., Taxation, § 16. Law Reviews. Comptroller v. Wynne and the Futile Search for Non-Discriminatory State Taxation, 67 Vand. L. Rev. En Banc 283 (2014). The Dormant Coordination Clause, 67 Vand. L. Rev. En Banc 269 (2014). The Personal Income Tax as a Component of State Tax Structure (William F. Fox), 39 Vand. L. Rev. 1081 (1986). Key Tax Aspects of the Tennessee Limited Liability Company Act (Andrée Sophia Blumstein), 30 Tenn. B.J. 14 (1994). The Debt-Equity Distinction in a Second-Best World, 53 Vand. L. Rev. 1055 (2000). Why Wynne [Maryland State Comptroller of the Treasury v. Wynne , 64 A.3d 453 (Md. 2013)], Worries Me, 67 Vand. L. Rev. En Banc 207 (2014). Why Wynne Should Win, 67 Vand. L. Rev. En Banc 217 (2014). Wynne: Lose Or Draw?, 67 Vand. L. Rev. En Banc 245 (2014). Comparative Legislation. Income taxation: Ala. Code § 40-18-1 et seq. Ark. Code § 26-51-101 et seq. Ga. O.C.G.A. § 48-7-1 et seq. Ky. Rev. Stat. Ann. § 141.010 et seq. Miss. Code Ann. § 27-7-1 et seq. Mo. Rev. Stat. § 143.005 et seq. N.C. Gen. Stat. § 105-130 et seq. Va. Code § 58.1-300 et seq. Cited: Tidwell v. Berke, 532 S.W.2d 254, 1975 Tenn. LEXIS 611 (Tenn. 1975); Mote v. Olsen, 648 S.W.2d 942, 1983 Tenn. LEXIS 638 (Tenn. 1983); Boone v. Chumley, 372 S.W.3d 104, 2011 Tenn. App. LEXIS 640 (Tenn. Ct. App. Nov. 30, 2011).