Tenn. Comp. R. & Regs. 1320-04-05-.42 - RECORDS - PRESERVATION OF

(1) Every person liable for business tax shall keep and preserve sufficient and complete records for a period of at least three years to determine the amount of business tax for which he may be liable. It is advisable, however, that such records be kept and preserved for a period of six years. Such records shall include and show the following:

(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 exclusions, deductions and exemptions allowed by law and/or claimed in filing business tax returns; and,

(d) A true and complete inventory of the value of the stock on hand taken at least once yearly. All of the records required to be kept and preserved shall be open for examination at any time by the Commissioner or local collecting officers, or their duly authorized representatives.

(2) If a proposed assessment has been made and an appeal therefrom has been made to the Commissioner or to a court, all 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.

Notes

Tenn. Comp. R. & Regs. 1320-04-05-.42

Original rule certified June 7, 1974. Amendments filed June 28, 2016; effective 9/26/2016.

Authority: T.C.A. §§ 67-1 -102 and 67-4-703.