58.1-660 - Sale of business. - Virginia Statutes

§ 58.1-660. Sale of business.

If any communications services provider liable for any tax, penalty, orinterest levied by this chapter sells his business or stock of goods or quitsthe business, he shall make a final return and payment within 15 days afterthe date of selling or quitting the business. His successors or assigns, ifany, shall withhold a sufficient amount of the purchase money to cover taxes,penalties, and interest due and unpaid until the former owner produces areceipt from the Tax Commissioner showing that all taxes, penalties, andinterest have been paid or a certificate stating that no taxes, penalties, orinterest are due. If the purchaser of a business or stock of goods fails towithhold the purchase money as required above, he shall be personally liablefor the payment of the taxes, penalties, and interest due and unpaid thatwere incurred by the business operation of the former owner. In no event,however, shall the tax, penalties, and interest due by the purchaser be morethan the purchase price paid for the business or stock of goods.

(2006, c. 780.)