1. (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:

   1. (a) The succession was primarily for the purpose of changing the state of incorporation of the predecessor or forming a holding company;
   2. (b) The assets and liabilities of the successor at the time of succession were substantially the same as those of the predecessor; and
   3. (c) The net income of the predecessor may, in accordance with generally accepted accounting principles, be consolidated with the income of the successor corporation.

Authority: T.C.A. §§ 48-1-103(a)(8), 48-1-115, and 48-1-116. Administrative History: Original rule filed September 28, 1990; effective November 12, 1990. Repeal and new rule filed March 16, 2015; effective June 14, 2015.