Section 67-4-309 - Liability of person engaged in business less than one year(a) Any person, except as provided elsewhere in this part, who shall have engaged in business for less than a full year on July 1, shall, for the ensuing year, pay as follows: (1) The measure of the tax shall be ascertained by multiplying such person's gross receipts by the ratio that the period during which the person has engaged in business bears to an entire year; and(2) Any person who first commences business on or after July 1, 1937, shall, at the conclusion of each month, report to the commissioner that person's gross receipts for such month and shall pay tax, measured by such monthly gross receipts, at the rate specified in the appropriate taxing section. This tax shall be paid not later than the tenth day of the following month. On August 1 following the date when such person entered business, the person shall pay the annual tax for the year commencing on the next prior July 1, computed according to subdivision (a)(1), but the person shall not later make monthly payments.(b) Whenever the ownership of a business subject to the gross receipts tax, the owner of which has paid the tax on an annual basis in accordance with this part on or before August 1 of any year, is transferred during the year after payment, 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 receipt tax be paid on account of the operation of a business during any one (1) year.Acts 1937, ch. 192, § 14; C. Supp. 1950, § 1248.5 (Williams, § 1248.138); impl. am. Acts 1959, ch. 9, § 14; Acts 1967, ch. 393, §§ 1, 2; 1973, ch. 20, § 3; T.C.A. (orig. ed.), § 67-4320.