Download as PDF
139.680 Procedure in case of failure to withhold.
(1)
(2)
(3)
If the purchaser of a business or stock of goods fails to withhold the purchase
price as required, he becomes personally liable for the payment of the amount
required to be withheld by him to the extent of the purchase price, valued in
money. Within sixty (60) days after receiving a written request from the
purchaser for a certificate, or within sixty (60) days from the date the former
owner's records are made available for audit, whichever period expires the
later, but in any event not later than ninety (90) days after receiving the
request, the department shall either issue the certificate or mail notice to the
purchaser at his address as it appears on the records of the department of the
amount that must be paid as a condition to issuing the certificate.
Failure of the department to mail the notice will release the purchaser from any
further obligation to withhold the purchase price as above provided.
The time within which the obligation of a successor may be enforced shall start
to run at the time the retailer sells out his business or stock of goods or at the
time that the determination against the retailer becomes final, whichever event
occurs the later.
Effective:June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 439, effective June 20, 2005. -Created 1960 Ky. Acts ch. 5, Art. I, sec. 65, effective February 5, 1960.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
