Sale or transfer of distributor's business; liability of purchaser or
transferee for any accrued unpaid tax, penalty, and interest
Sec. 514. If a distributor fails to give notice to the administrator
as required by section 512 of this chapter, the purchaser or transferee
of his business is liable to the state for all unpaid tax, penalty, and
interest accrued under this chapter against the distributor through the
date of sale or transfer. However, the purchaser's or transferee's
liability is limited to the value of the property and business acquired
from the distributor.
As added by Acts 1979, P.L.79, SEC.1.
Last modified: May 28, 2006