Tenn. Comp. R. & Regs. 1320-03-02-.14 - EXEMPT SHORT-TERM INTEREST
(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.
Notes
Authority: T.C.A. §§ 67-1-102, 67-2-101, and 67-2-113.
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