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Tennessee Code Title 67. Taxes and Licenses § 67-3-702

Current as of January 02, 2024 | Updated by Findlaw Staff

(a) Each person operating a terminal in this state shall file monthly with the department a sworn statement of operations of each terminal within this state, including the information set out in subsection (b), on forms prescribed by the department. The department may require the reporting of any information it considers reasonably necessary in addition to that required under subsection (b).

(b) The monthly terminal report required by this section shall be filed on or before the last day of the month following the month of activity and shall include the following information for each terminal location in this state:

(1) Terminal code assigned by the internal revenue service;

(2) Total inventory at the terminal operated by the terminal operator;

(3) Schedules of receipts by shipment, including:

(A) Carrier name;

(B) Carrier federal employer identification number;

(C) Mode of transportation;

(D) Date received;

(E) Document number;

(F) Net gallons received; and

(G) Product type; and

(4) Schedules of removals by shipment, including:

(A) Carrier name;

(B) Carrier federal employer identification number;

(C) Mode of transportation;

(D) Destination state;

(E) Supplier responsible for reporting removal;

(F) Supplier federal employer identification number;

(G) Date removed from terminal;

(H) Document number;

(I) Net gallons; and

(J) Gross gallons;

provided, that in the event the internal revenue service provides a common system of assigning to carriers alpha-numeric codes instead of names, then this data will be required in lieu of carrier names.

(c) For purposes of reporting and determining tax liability under this chapter, every licensee shall maintain inventory records as required by the department.

(d) Each person operating a terminal in this state shall also file an annual report for each terminal within this state on forms provided by the department. The taxes and fees shall be paid and the report shall be filed for each calendar year on or before February 25 of the following year. The report shall include data as follows:

(1) The amount of monthly gains or losses, in net gallons;

(2) The total net gallons removed from the terminal in bulk during the calendar year;

(3) The total net gallons removed across the terminal rack during the calendar year;

(4) The amount of tax due calculated pursuant to §§ 67-3-302(b) and 67-3-303(c); and

(5) Such other information as the department considers reasonably necessary to determine the tax liability of the terminal operator under this chapter.

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Cite this article: FindLaw.com - Tennessee Code Title 67. Taxes and Licenses § 67-3-702 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-67-taxes-and-licenses/tn-code-sect-67-3-702/

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