                                 CODE OF VIRGINIA

SALE OF BUSINESS (§ 58.1-2299.5)

If any distributor liable for any tax, penalty, or interest levied under this
chapter sells out his business or stock of goods or quits the business, he shall
make a final return and payment within 15 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
Commissioner showing that they have been paid or a certificate stating that no
taxes, penalties, or interest are due. If the purchaser of a business or stock
of goods fails to withhold the purchase money as provided in this section, 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.

HISTORY: 2012, cc. 217, 225.