Tennessee: Letter Ruling Says SMLLCs are Classified for Exemption Purposes the Same as Federal Tax Purposes

In a letter ruling involving whether a single member limited liability company qualifies for Tennessee’s sales and use tax industrial machinery exemption for manufacturers if it elects to be treated as a corporation for federal income tax purposes, the Tennessee Department of Revenue explained that it likewise will be treated as a separate entity for Tennessee sales and use tax purposes and thus would qualify under the provided facts.

Source Deloitte

---

---