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Family-Owned Noncorporate Entities: Disclosure of Activity
Question 3 - Tennessee Code Annotated

67-4-2008. Exemptions.

(a)  There shall be exempt from the payment of the excise tax levied under this part the following:

(1)  Any corporation organized under the laws of Tennessee whose sole expressed corporate purpose is for the furthering of industrial development in communities throughout the state, and doing matters related thereto, and whose stockholders receive no income other than interest or dividends on money invested in such corporation for constructing industrial buildings and whose officers receive no compensation;