Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2018

Sales and Use Tax Annotations

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535.0000 SUCCESSOR'S LIABILITY—Regulation 1702

Annotation 535.0065

535.0065 Sale of Business Assets. A newspaper ceasing publication agreed to sell certain assets to a purchaser. The assets included intangible assets, all subscriptions, circulation and advertising lists, microfilm copies of back issues, related libraries, morgues, all delivery trucks and newspaper racks. At the time of the sale the newspaper owed outstanding tax liabilities.

The purchaser is a "successor or assign" of the seller, within the meaning of Revenue and Taxation Code section 6811. As such, successor's liability would be imposed on the purchaser if the amount of the tax due and payable by the newspaper, is not withheld and remitted to the Board at the time of sale. 7/13/93.