2015 Rhode Island General Laws
Title 44 - Taxation
Chapter 44-11 - Business Corporation Tax
Section 44-11-29 - Notice to tax administrator of sale of assets – Tax due.

§ 44-11-29 Notice to tax administrator of sale of assets – Tax due. – (a) The sale or transfer of the major part in value of the assets of a domestic corporation, or of the major part in value of the assets situated in this state of a foreign corporation, other than in the ordinary course of trade and in the regular and usual prosecution of the corporation's business, and the sale or transfer of the major part in value of the assets of a domestic corporation, or of the major part in value of the assets situated in this state of a foreign corporation which is engaged in the business of buying, selling, leasing, renting, managing, or dealing in real estate, shall be fraudulent and void as against the state unless the corporation shall, at least five (5) days before the sale or transfer, notify the tax administrator of the proposed sale or transfer and of the price, terms, and conditions the sale or transfer and of the character and location of the assets. Whenever a corporation shall make such a sale or transfer, the tax imposed by this chapter shall become due and payable at the time when the tax administrator is notified, or, if he or she is not notified, at the time when he or she should have been notified.

(b) This section shall not apply to sales by receivers, assignees under a voluntary assignment for the benefit of creditors, trustees in bankruptcy, or public officers acting under judicial process.

History of Section.
(G.L. 1938, ch. 37, § 13; P.L. 1947, ch. 1887, art. 1, § 1; G.L. 1956, § 44-11-29; P.L. 1964, ch. 65, § 1.)