There shall be exempt from the payment of the excise tax levied under this part any person treated as a partnership for federal tax purposes that directly or indirectly distributes one hundred percent (100%) of its net earnings or net losses to a public REIT.
Exemption for distributions to publicly traded real estate investment trust (public REIT)
Tenn. Code Ann. § 67-4-2019, under Excise Tax Law of 1999.
Tenn. Code Ann. § 67-4-2019