Tennessee Code Title 67. Taxes and Licenses § 67-5-1205

(a) The value of the corporate property and capital stock of each company subject to this part shall be construed as including all the tangible and intangible value of such company.

(b) The assessment and taxation of such corporate property and capital stock under this part shall be in lieu of the taxation of the income derived from such corporate property and capital stock and of the assessment and taxation of the shares of stock of such company as the personal property of its stockholders.

(c) No person shall be taxed on the income derived from any stock which constitutes a part of the capital stock of any insurance company which is itself subject to this part or which has a wholly-owned subsidiary which is subject to this part.