Rules & Regulations of the State of Tennessee
Title 1320 - Revenue
Subtitle 1320-03 - Inheritance, Gift, and Income Taxes
Chapter 1320-03-02 - Rules for Income Taxes
Section 1320-03-02-.14 - EXEMPT SHORT-TERM INTEREST
Universal Citation: TN Comp Rules and Regs 1320-03-02-.14
Current through September 24, 2024
(1) For the purpose of T.C.A. § 67-2-101, which provides that the term "bond" shall not include ordinary commercial paper, trade acceptance, etc., maturing in six (6) months or less from the date of issuance, the six (6) month period shall be calculated as follows:
(a) By excluding the date of issuance and
counting forward one hundred and eighty-two (182) days, and if the one hundred
and eighty-second day falls on a Saturday, a Sunday, or a legal holiday, by
including the next following day; or
(b) By beginning on the date of issuance and
including the corresponding date in the sixth (6th) succeeding month, except
where the sixth (6th) succeeding month does not have a corresponding date, in
which case the corresponding date shall be deemed to be the last date of the
sixth (6th) succeeding month; whichever is greater.
Authority: T.C.A. §§ 67-1-102, 67-2-101, and 67-2-113.
Disclaimer: These regulations may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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