Section 67-4-308 - Quarterly payments(a)(1) Any person subject to the gross receipts tax imposed by parts 2-6 of this chapter has the option of paying tax on a quarterly installment basis by paying one-fourth (1/4) of the tax that may be due on each of November 1, February 1 and May 1.(2) Any person so exercising this option shall be required to pay interest on any payment after August 1 under this part.(3) When any person fails to pay the appropriate installment of this tax when it shall become due, there shall be imposed against that person a penalty in the amount of five percent (5%) of the installment for each thirty (30) days or fraction thereof, that the installment remains unpaid subsequent to the due date, up to a maximum of twenty-five percent (25%).(b) Whenever the ownership of a business subject to the gross receipts tax, the owner of which business has elected to pay the tax in quarterly installments as provided in subsection (a), is transferred during the year in which such quarterly payments are being made, the transferee shall become liable for any quarterly installments or installment, together with penalties, if any have accrued, and interest that remains unpaid at the time of such transfer; provided, that the transferee shall not be liable for any further gross receipts taxes for the year in which the transfer is made. It is declared to be the legislative intent that only one (1) gross receipts tax be paid on account of the operation of a business during any one (1) year.Acts 1937, ch. 108, art. 3, § 2; C. Supp. 1950, § 1248.5 (Williams, § 1248.138); Acts 1951, ch. 265, § 1; 1953, ch. 185, § 1; 1980, ch. 885, § 14; T.C.A. (orig. ed.), §§ 67-4318, 67-4319; Acts 1988, ch. 526, § 9.