                                 CODE OF VIRGINIA

SALE OF BUSINESS (§ 58.1-629)

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.

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