Is proration of the franchise tax permitted when the return covers a tax period of less than 12 months?
Tenn. Code Ann. Section 67-4-2115 (82 of Chapter 499 of the Public Acts of 2005), which the department will apply to tax years ended on or after July 1, 2005, provides that the franchise tax may be prorated only for short period returns resulting from first year filings and accounting period changes.
Related Questions
- I currently report all my use tax liability on my Franchise Tax Board (FTB) income tax return. Do I still need to register if I am a qualified purchaser under Revenue and Taxation Code section 6225?
- Is proration of the franchise tax permitted when the return covers a tax period of less than 12 months?
- What accounting period ending date is used for filing the initial franchise tax report?
