Kentucky Statutes 139.670 – Withholding amount of tax liability by purchaser of business
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If any retailer liable for any amount under this chapter sells out his business or stock of goods, or otherwise quits business, his successors or assigns shall withhold sufficient of the purchase price to cover such amount until the former owner produces a receipt from the department showing that it has been paid or a certificate stating that no amount is due.
Effective: June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 438, effective June 20, 2005. — Created
1960 Ky. Acts ch. 5, Art. I, sec. 64, effective February 5, 1960.
Effective: June 20, 2005
Terms Used In Kentucky Statutes 139.670
- Business: includes any activity engaged in by any person or caused to be engaged in by that person with the object of gain, benefit, or advantage, either direct or indirect. See Kentucky Statutes 139.010
- Department: means the Department of Revenue. See Kentucky Statutes 139.010
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
- Purchase: includes :
1. See Kentucky Statutes 139.010 - Retailer: means :
1. See Kentucky Statutes 139.010
History: Amended 2005 Ky. Acts ch. 85, sec. 438, effective June 20, 2005. — Created
1960 Ky. Acts ch. 5, Art. I, sec. 64, effective February 5, 1960.