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In order to qualify for the FONCE franchise and excise tax exemption, the entity must meet two criteria:
Passive investment income is gross receipts derived from royalties, rents from residential property or farm property, dividends, interest, annuities, and the amount of any gain on the sale or exchange of stock or securities. Residential property can’t have more than four residential units at any one location.
Below is a link to the Tennessee Department of Revenue that will explain what taxes need to be paid to the state of Tennessee:
In order to qualify for the FONCE franchise and excise tax exemption, the entity must meet two criteria:
Passive investment income is gross receipts derived from royalties, rents from residential property or farm property, dividends, interest, annuities, and the amount of any gain on the sale or exchange of stock or securities. Residential property can’t have more than four residential units at any one location.
Below is a link to the Tennessee Department of Revenue that will explain what taxes need to be paid to the state of Tennessee:
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