What are the consequences to the purchaser of not notifying the Division that it purchased an entity engaged in an income producing business?
Without proper and timely notification by the purchaser, any State taxes the seller is liable for or potentially owes, are now jointly the purchaser’s responsibility, as well. The Division can take steps necessary to satisfy the seller’s indebtedness including judgment, levies and seizure of assets of the purchaser.
Related Questions
- Is the sale of vacant land, even by a business but not used for income producing purposes (e.g. a parking lot), a bulk sale transfer?
- As a Business Entity or a Sole Proprietor can I register a D.B.A. (doing business as name) with the Division?
- What are the Unrelated Business Taxable Income (UBTI) consequences of a private placement?
