Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2013
Sales and Use Tax Annotations
535.0000 SUCCESSOR'S LIABILITY—Regulation 1702
535.0004 Assumption of Liability. A taxpayer transfers its business or stock of goods to another person in exchange for the assumption of liabilities by the transferee. The assumption of liabilities is consideration; thus, the transfer is a sale. It follows that the transferee is liable as a successor to the extent of the liabilities assumed. 3/6/84.