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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 LLCs, LPs, and LLPs to disclose their activities for franchise and excise tax exemption. It outlines the necessary information required for different exemption categories, including passive investment income, farming activity, and holding a personal residence. The document specifies the criteria that must be met to qualify for these exemptions, including ownership percentages and income sources, along with definitions of key terms such as family member and farming.

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Who is exempt from federal excise tax on trucks?

The FET does not apply to truck chassis and bodies suitable for use with a vehicle with a gross vehicle weight of 33,000 pounds or less. The FET also does not apply to a truck trailer and semitrailer chassis and bodies suitable for use with a trailer or semitrailer with a gross vehicle weight of 26,000 pounds or less.

What does FET apply to?

The Federal Excise Tax (FET), first enacted in 1917 to help pay for World War I, is a 12% excise tax on the sale of most new heavy-duty trucks that remains to this day.

Who is required to pay federal excise tax?

Excise taxes are taxes imposed on certain goods, services, and activities. Taxpayers include importers, manufacturers, retailers, and consumers, and vary depending on the specific tax. Excise taxes may be imposed at the time of: Entry into the United States, or sale or use after importation.

Why am I paying excise tax?

Many excise taxes go into trust funds for projects related to the taxed product or service, such as highway and airport improvements. Excise taxes are independent of income taxes. Often, the retailer, manufacturer or importer must pay the excise tax to the IRS and file the Form 720.

Why am I being charged a franchise tax?

A franchise tax must be paid by enterprises that wish to conduct business in certain states. Franchise tax applies to corporations, partnerships, and many limited liability companies but does not apply to fraternal organizations, non-profits, and some limited liability corporations.

How do I know if I need to pay excise tax?

Excise tax is an indirect tax on specific goods, services and activities. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.

What is the Tennessee franchise and excise tax?

The franchise tax is based on the greater of net worth or the book value of real and tangible personal property owned or used in Tennessee. The excise tax is based on net earnings or income for the tax year.

What vehicles are exempt from excise tax?

Automobile truck bodies and chassis with a gross vehicle weight of 33,000 lb. or less, truck trailer and semi-trailer bodies and chassis for use with a trailer or semi-trailer having a gross vehicle weight of 26,000 lb. or less, and tractors mainly used for highway transportation with a trailer or semi-trailer having a

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

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