(1) Whenever any taxpayer quits business, or sells
out, exchanges, or otherwise disposes of more than fifty percent
of the fair market value of either its tangible or intangible
assets, any tax payable hereunder shall become immediately due
and payable, and such taxpayer shall, within ten days thereafter,
make a return and pay the tax due, unless an extension is granted
under RCW 82.32.080.
(2) Any person who becomes a successor shall withhold from
the purchase price a sum sufficient to pay any tax due from the
taxpayer until such time as the taxpayer shall produce a receipt
from the department of revenue showing payment in full of any tax
due or a certificate that no tax is due. If any tax is not paid
by the taxpayer within ten days from the date of such sale,
exchange, or disposal, the successor shall become liable for the
payment of the full amount of tax. If the fair market value of
the assets acquired by a successor is less than fifty thousand
dollars, the successor's liability for payment of the unpaid tax
is limited to the fair market value of the assets acquired from
the taxpayer. The burden of establishing the fair market value
of the assets acquired is on the successor.
(3) The payment of any tax by a successor shall, to the
extent thereof, be deemed a payment upon the purchase price; and
if such payment is greater in amount than the purchase price the
amount of the difference shall become a debt due the successor
from the taxpayer.
(4) No successor shall be liable for any tax due from the
person from whom the successor has acquired a business or stock
of goods if the successor gives written notice to the department
of revenue of such acquisition and no assessment is issued by the
department of revenue within six months of receipt of such notice
against the former operator of the business and a copy thereof
mailed to the successor or provided electronically to the
successor in accordance with RCW 82.32.135.
[2008 c 181 § 503; 2007 c 111 § 109; 2003 1st sp.s. c 13 § 12; 1985 c 414 § 7; 1975 1st ex.s. c 278 § 82; 1961 c 15 § 82.32.140. Prior: 1957 c 88 § 1; 1935 c 180 § 197; RRS § 8370-197.]
NOTES:
Part headings not law -- 2008 c 181: See note following RCW 43.06.220.
Part headings not law -- 2007 c 111: See note following RCW 82.16.120.
Effective dates -- 2003 1st sp.s. c 13: See note following RCW 63.29.020.
Construction -- Severability -- 1975 1st ex.s. c 278: See notes following RCW 11.08.160.