Iowa Admin. Code r. 701-202.8 - Sale of business
(1)
Final return due. A retailer selling the business shall file a
return within the succeeding month and pay all tax due. Any unpaid tax shall be
due prior to the transfer of title of any personal property to the purchaser,
and the tax becomes delinquent one month after the sale.
(2)
Record retention. A
retailer discontinuing business shall maintain the business's records for a
period of five years from the date of discontinuing the business unless a
release from this provision is given by the department. 701-subrule 285.28(2)
provides for possible sales and use tax consequences relating to the sale of a
business.
This rule is intended to implement Iowa Code section 423.33.
Notes
ARC 7714C, IAB 3/6/24, effective 4/10/24
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