Idaho Admin. Code r. 35.01.02.119 - SUCCESSOR'S LIABILITY
Section 63-3628, Idaho Code
01.
Making Inquiries. Section
63-3628, Idaho Code, provides that
when a vendor sells out his business or stock of goods, the buyer is to make
inquiry of the Commission and withhold from the purchase price any amount of
tax that may be due until such time as the vendor, seller, produces a receipt
stating that no tax is due. If the buyer fails to withhold from the purchase
price the tax due, he becomes personally liable for the tax.
(3-31-22)
02.
Written Inquiry
Required. The buyer is to make written inquiry to the Boise Office of
the State Tax Commission setting forth the following: (3-31-22)
a. The name, location, and seller's permit
number of the business they are purchasing. (3-31-22)
b. A statement that they are purchasing the
business or stock of goods. (3-31-22)
c. An inquiry as to any sales or use tax
liability of the business they are purchasing. (3-31-22)
03.
Copy of Earnest Money. The
buyer is to attach to the written inquiry a copy of any earnest money or
similar agreement already entered into with the prospective seller. If no
earnest money agreement has been entered into, then the seller must provide
written authorization to the State Tax Commission to release the information to
the prospective buyer. (3-31-22)
04.
Written Statement from State Tax
Commission. The Commission, after receiving the written inquiry from the
buyer as to the amount due, will issue a written statement to the buyer setting
forth the amount of tax due by the seller, if any. The Commission will advise
the prospective buyer only of any amount of sales or use tax that may be due to
the Commission under the Sales Tax Act. The release of any other information is
not authorized. In the case that the prospective buyer requests to see the
prospective seller's sales or use tax filing record in order to determine if
the business is profitable, the prospective seller is to provide a Power of
Attorney appointing the prospective buyer as attorney in fact to receive
confidential information regarding sales or use tax filings on behalf of the
prospective seller. (3-31-22)
05.
Application for Seller's Permit Number. Upon final sale, the buyer
files an application Form IBR-1 for a new seller's permit number with the
Commission. The seller must forward his seller's permit to the Commission for
cancellation. (3-31-22)
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.