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Franchise and excise tax exempt entity disclosure of activity 2012 form

Franchise and excise tax exempt entity disclosure of activity 2012 form-2025

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The document provides instructions for family-owned non-corporate entities (FONCE) and limited liability companies (LLCs, LPs, LLPs) to disclose their activities for franchise and excise tax exemption. It outlines the necessary information required in sections related to organizational structure, passive and non-passive income, farming activities, and holding personal residences. The document specifies eligibility criteria for exemptions, including ownership percentages by family members and income sources. It also includes definitions of key terms such as family member, relative, and farming.

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Click ‘Get Form’ to open it in the editor.
Begin by filling out the 'Taxpayer Name' and 'Exempt Account No.' fields at the top of the form. Ensure that all information is accurate to avoid processing delays.
In the 'Organizational Structure' section, list all members or partners, their ownership percentages, and relationships. The total ownership percentage must equal 100%.
Proceed to Part I for Family-Owned Non-Corporate Entities. Check each source of passive income received and enter the corresponding gross receipts for each source.
If applicable, move to Part II for Farming Activity. Enter gross receipts from farming activities and provide details on assets used in farming.
For Part III regarding Holding a Personal Residence, describe the property, provide its address, and indicate who resides there along with the duration of their stay during the exemption period.
Review all entries for accuracy before saving your work. Utilize our platform's features to attach any additional schedules if necessary.

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Versions	Form popularity	Fillable & printable
2016	4.8 Satisfied (35 Votes)
2012	4.4 Satisfied (349 Votes)
2009	4.2 Satisfied (68 Votes)

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Who has to file a Tennessee franchise tax return?

Overview. If you are a corporation, limited partnership, limited liability company, or business trust chartered, qualified, or registered in Tennessee or doing business in this state, then you must register for and pay franchise and excise taxes.

Who is exempt from excise tax?

According to the IRS, government entities, including state and local governments, are exempt from this tax. To claim this exemption, the entity must provide the service provider with a certificate of exemption, docHubing their eligibility.

What is the new franchise tax law in Tennessee?

Tennessees 2024 Franchise Tax Refunds By far, the leading FE tax development for 2024 was the repeal of the alternative property measure base and issuance of refunds to taxpayers required to use that measure to calculate their franchise tax liabilities for the 20202023 tax years.

Who owes TN franchise tax?

The franchise tax is a privilege tax imposed on entities for the privilege of doing business in Tennessee. All entities doing business in Tennessee and having a substantial nexus in Tennessee, except for not-for-profits and other exempt entities, are subject to the franchise tax.

What taxes does an LLC have to pay in Tennessee?

State Taxes for LLCs There are two main types of tax youll pay to the Tennessee Department of Revenue: sales, and franchise and excise tax. Tennessee doesnt collect income tax on earnings. Youll only pay state income tax on stock dividends and interest received from bonds and notes.