Owner liability for unpaid taxes
Sec. 3. A stockholder who receives a distribution of the assets of
a corporation, a joint stock association, or other organization in
which the stockholder holds stock is liable, to the extent of the assets
the stockholder receives from the organization, for a certain
percentage of the unpaid gross receipts taxes that the organization
owes after dissolution. That percentage equals the percentage of the
total outstanding stock of the organization held by the stockholder
before dissolution.
As added by P.L.192-2002(ss), SEC.47.
Last modified: May 28, 2006