Section 0780-04-02-.09 - SUCCESSOR CORPORATE ISSUERS(1) If an issuer is a corporate successor to a corporate issuer that met the standards of T.C.A. § 48-1-103(a)(8), at the time of succession, the successor corporate issuer shall be deemed to have met the standards of T.C.A. § 48-1-103(a)(8), if the predecessor and successor corporations taken together do so, provided that: (a) The succession was primarily for the purpose of changing the state of incorporation of the predecessor or forming a holding company;(b) The assets and liabilities of the successor at the time of succession were substantially the same as those of the predecessor; and(c) The net income of the predecessor may, in accordance with generally accepted accounting principles, be consolidated with the income of the successor corporation.Tenn. Comp. R. & Regs. 0780-04-02-.09
Original rule filed September 28, 1990; effective November 12, 1990. Repeal and new rule filed March 16, 2015; effective 6/14/2015.Authority: T.C.A. §§ 48-1-103(a)(8), 48-1-115, and 48-1-116.