1. (1) "Sales Price" means the total amount for which tangible personal property is sold or the amount charged for any of the things or services taxable under the Business Tax Law, including any services required to process the property or taxable services for sale, and without any deductions therefrom on account of the cost of the property or taxable services sold, the cost of materials used, losses, or any other expenses whatsoever, except cash discounts allowed on sales. It does not include finance charges, carrying charges, time price differential, or interest from credit extended on sales of tangible personal property under installment sales contracts, conditional sale contracts, or other contracts providing for deferred payments of the purchase price, if the amount of such finance charges, carrying charges, time price differential, or interest is in addition to the usual or established cash selling price, and provided that it is:

   1. (a) Segregated on the taxpayer's invoice or bill of sale, or
   2. (b) Billed separately to customers.
2. (2) The business tax is computed upon the sales price of items subject to the tax and is based upon the actual consideration passing, or agreed to be passed, between the purchaser and the vendor, less any deductions allowed by law. Wholesalers and retailers making charge sales must report business tax due on such sales for the period in which the sale is made.

Authority: T.C.A. §§ 67-5822 and 67-101. Administrative History: Original rule certified June 7, 1974. Amendments filed June 28, 2016; effective September 26, 2016.