Code of Virginia (Title 58.1 — Taxation)
Va. Code § 58.1-2214
Notice of discontinuance, sale or transfer of business
# A.
A licensee who discontinues in the Commonwealth the business for which the license was issued shall notify the Commissioner in writing of such discontinuance and shall surrender the license to the Commissioner. The notice shall state the effective date of the discontinuance and, if the licensee has transferred the business or otherwise relinquished control to another person by sale or otherwise, the date of the sale or transfer and the name and address of the person to whom the business is transferred or relinquished. The notice shall also include any other information required by the Commissioner.
# B.
If the licensee is a supplier, all taxes for which the supplier is liable under this chapter but are not yet due shall be due on the date of the discontinuance. If the supplier has transferred the business to another person and does not give the notice required by this section, the person to whom the business was transferred shall be liable for the amount of any tax owed by the supplier to the Commonwealth on the date the business was transferred. The liability of the person to whom the business was transferred shall not exceed the value of the property acquired from the supplier.
Source: view the official text
Nearby sections (25 sections)
- 58.1-2202 · Regulations; forms
- 58.1-2203 · Exchange of information; penalties
- 58.1-2204 · Persons required to be licensed
- 58.1-2205 · Types of importers; qualification for license as an importer
- 58.1-2206 · Persons who may obtain a license
- 58.1-2207 · Restrictions on qualification for license as a distributor
- 58.1-2208 · License application procedure
- 58.1-2209 · Supplier election to collect tax on out-of-state removals
- 58.1-2210 · Permissive supplier election to collect tax on out-of-state…
- 58.1-2211 · Bond or certificate of deposit requirements
- 58.1-2212 · Grounds for denial of license
- 58.1-2213 · Issuance of license
- 58.1-2214 · Notice of discontinuance, sale or transfer of business
- 58.1-2215 · License cancellation
- 58.1-2216 · Records and lists of license applicants and licensees
- 58.1-2217 · Taxes levied; rate
- 58.1-2217.1 · Repealed
- 58.1-2218 · Point of imposition of motor fuels tax
- 58.1-2219 · Liability for tax on removals from a terminal
- 58.1-2220 · Liability for tax on imports
- 58.1-2221 · Repealed
- 58.1-2222 · Liability for tax on blended fuel
- 58.1-2223 · Liability for tax on fuel transferred within terminal…
- 58.1-2224 · Tax on unaccounted for motor fuel losses; liability
- 58.1-2225 · Backup tax; liability