2005 California Revenue and Taxation Code Sections 7956-7959 Article 6. Payment on Termination of Business

7956.  Whenever a supplier ceases to engage in business as a
supplier within the state by reason of the discontinuance, sale, or
transfer of the business, the supplier shall give notice in writing
thereof to the board on or before the date of the discontinuance,
sale, or transfer.
7957.  The notice shall give the date of discontinuance or, in the
event of a sale or transfer of the business, the date thereof and the
name and address of the purchaser or transferee.
7958.  All amounts under this part, not yet due and payable under
other provisions hereof, become due and payable concurrently with the
discontinuance, sale, or transfer.  The supplier shall forthwith
make a report and pay all of the amounts due and shall surrender the
supplier's license to the board.
7959.  Unless notice is given as provided by Section 7956, the
purchaser or transferee becomes liable for all taxes and penalties
under this part accrued against the vendor or transferor to the date
of the sale or transfer, but only to the extent of the value of the
property and business thereby acquired.