Rules & Regulations of the State of Tennessee
Title 1320 - Revenue
Subtitle 1320-04 - Miscellaneous Tax Division
Chapter 1320-04-05 - Business Tax Rules and Regulations
Section 1320-04-05-.23 - LAY-AWAY SALES
Universal Citation: TN Comp Rules and Regs 1320-04-05-.23
Current through September 24, 2024
Lay-away, lay-by, and/or will-call sales shall be included in the Business Tax base for the taxable period in which the delivery is made. Where the property is returned to inventory because of nonpayment for the merchandise and any previously made payments are forfeited because the sale is not completed, the amount forfeited shall be included in the Business Tax base at that time.
Authority: T.C.A. §§67-5822 and 67-101.
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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