Taxpayers who buy and sell intangible personal property or real property as part of their normal business activities are not liable for business tax on these sales. Examples of non-taxable intangibles include: royalties, franchise fees, broadcast rights, licensing of copyrights, transfers of virtual currency, and renewable identification numbers.
Reference: Tenn. Code Ann. § 67-4-702(a)(18). See Ruling 17-05.
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