§ 58.1-629 — Sale of business

Virginia § 58.1-629

• Jurisdiction: Virginia
• Title 58.1: TAXATION
• Subtitle I: TAXES ADMINISTERED BY THE DEPARTMENT OF TAXATION
• Ch. 6: RETAIL SALES AND USE TAX

Text

If any dealer liable for any tax, penalty, or interest levied hereunder sells out his business or stock of goods or quits the business, he shall make a final return and payment within fifteen days after the date of selling or quitting the business. His successors or assigns, if any, shall withhold sufficient of the purchase money to cover the amount of such taxes, penalties, and interest due and unpaid until such former owner produces a receipt from the Tax Commissioner showing that they have been paid or a certificate stating that no taxes, penalties, or interest is due. If the purchaser of a business or stock of goods fails to withhold the purchase money as above provided, he shall be personally liable for the payment of the taxes, penalties, and interest due and unpaid on account of the operation of the business by any former owner. Nothing herein shall be deemed to qualify or limit the exemption as to such a sale as is covered by subdivision 2 of § 58.1-609.10.

Legislative History

Code 1950, § 58-441.30; 1966, c. 151; 1984, c. 675; 1993, c. 310.