Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2014
 

Sales and Use Tax Annotations


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C

170.0000 COLLECTION OF TAX BY BOARD

Annotation 170.0003

(a) IN GENERAL

170.0003 Collection of Tax by Board. A creditor of the taxpayer has executed a security agreement granting an interest in the taxpayer's assets, including inventory and the proceeds from the sale of that inventory and has perfected its interest pursuant to the California Commercial Code, section 9403 before the Board issued a lien. Any amount received by the Board resulting from a levy on the taxpayer's bank was improperly taken and was subject to refund, to the extent that the amounts could be shown to be proceeds from the sale of inventory subject to the perfected security interest. 8/2/94.