48-249-1003 - LLC tax classification. - Tennessee Statutes

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Statutes > Tennessee > Title-48 > Chapter-249 > Part-10 > 48-249-1003

48-249-1003. LLC tax classification.

For purposes of all state and local Tennessee taxes, a domestic or foreign LLC shall be treated as a partnership or an association taxable as a corporation, as such classification is determined for federal income tax purposes. The members, and any other equity owners of a foreign LLC treated as a partnership, are subject to all state and local Tennessee taxes, in the same manner and extent as partners in a foreign partnership. The members and holders of financial rights of a domestic LLC are subject to all state and local Tennessee taxes, in the same manner and extent as partners in a domestic partnership.

[Acts 2005, ch. 286, § 1.]

State Codes and Statutes

Statutes > Tennessee > Title-48 > Chapter-249 > Part-10 > 48-249-1003

48-249-1003. LLC tax classification.

For purposes of all state and local Tennessee taxes, a domestic or foreign LLC shall be treated as a partnership or an association taxable as a corporation, as such classification is determined for federal income tax purposes. The members, and any other equity owners of a foreign LLC treated as a partnership, are subject to all state and local Tennessee taxes, in the same manner and extent as partners in a foreign partnership. The members and holders of financial rights of a domestic LLC are subject to all state and local Tennessee taxes, in the same manner and extent as partners in a domestic partnership.

[Acts 2005, ch. 286, § 1.]

State Codes and Statutes

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State Codes and Statutes

Statutes > Tennessee > Title-48 > Chapter-249 > Part-10 > 48-249-1003

48-249-1003. LLC tax classification.

For purposes of all state and local Tennessee taxes, a domestic or foreign LLC shall be treated as a partnership or an association taxable as a corporation, as such classification is determined for federal income tax purposes. The members, and any other equity owners of a foreign LLC treated as a partnership, are subject to all state and local Tennessee taxes, in the same manner and extent as partners in a foreign partnership. The members and holders of financial rights of a domestic LLC are subject to all state and local Tennessee taxes, in the same manner and extent as partners in a domestic partnership.

[Acts 2005, ch. 286, § 1.]