                                 CODE OF VIRGINIA

SALE OF BUSINESS (§ 58.1-660)

If any communications services provider liable for any tax, penalty, or interest
levied by this chapter sells 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 a sufficient amount of the purchase money to cover taxes, penalties,
and interest due and unpaid until the former owner produces a receipt from the
Tax Commissioner showing that all taxes, penalties, and interest 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 required above, he shall be personally liable for the payment of the taxes,
penalties, and interest due and unpaid that were incurred by the business
operation of the former owner. In no event, however, shall the tax, penalties,
and interest due by the purchaser be more than the purchase price paid for the
business or stock of goods.

HISTORY: 2006, c. 780.