Rules & Regulations of the State of Tennessee
Title 1320 - Revenue
Subtitle 1320-05 - Sales and Use Tax Division
Chapter 1320-05-01 - State Sales and Use Tax Rules
Section 1320-05-01-.80 - RECORDS OF DEALERS, PRESERVATION OF
Universal Citation: TN Comp Rules and Regs 1320-05-01-.80
Current through September 24, 2024
(1) Every dealer must keep and preserve such adequate and complete records as are required by law to determine the amount of Sales and Use Tax for which he may be liable: it is advisable for every dealer to keep and preserve such records for a period of six years. Such records shall include and show:
(a) A daily record of all cash and credit
sales, including sales under any type of financing or installment plan in
use;
(b) A record of the amount of
all merchandise purchased, including all bills of lading, invoices, and copies
of purchase orders;
(c) A record of
all deductions and exemptions allowed by law and/or claimed in filing Sales or
Use Tax returns, including exemption and resale certificates;
(d) A record of all tangible personal
property used or consumed in the conduct of his business;
(e) A true and complete inventory of the
value of the stock on hand taken at least once yearly.
(2) If an assessment has been made and an appeal to the Commissioner or to a Court is pending, books and records, as above specified, relating to the period covered by such proposed assessment, must be preserved until the final disposition of the appeal.
Authority: T.C.A. §§ 67-1-102 and 67-6-402.
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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