Miller & Martin | Legal Alerts Limitation of Tennessee FONCE Exemption Triggers Difficult Choice Ansley Moses recently published an alert entitled "Limitation of Tennessee Fonce Exemption Triggers Difficult Choice." On June 25, 2009, legislation was enacted in Tennessee that significantly limited the family-owned non-corporate entity (FONCE) exemption from the Tennessee Franchise & Excise Tax by excluding limited liability entities holding and earning rent from commercial properties. The Franchise & Excise Tax can be significant for entities holding rental real estate. To read the full alert, please click here. » » Read more Legal Alerts [+]