Successor or assignee to withhold tax or equivalent assets from purchase price; liability for failure to withhold sufficient amount; release

1. If a person who is liable for any tax or fee administered by the Department sells any portion of his or her business or stock of goods not in the ordinary course of business or quits the business, the successors or assignees of that person shall: (a) If the business or stock of goods was purchased for money, withhold from the purchase price the amount due; or (b) If the business or stock of goods was not purchased for money, withhold a sufficient portion of the assets of the business or stock of goods which, if sold, would equal the amount due, Ê until the former owner provides the successors or assignees with a receipt or certificate from the Department showing that he or she paid the amount due. 2. A successor or assignee who fails to withhold the amount required pursuant to subsection 1 becomes personally liable for the payment of the amount required to be withheld by him or her to the extent of the consideration paid for the business or stock of goods, valued in money. 3. The Department shall issue a certificate of the amount due to the successor or assignee: (a) Not later than 60 days after receiving a written request from the successor or assignee for such a certificate; or (b) Not later than 60 days after the date the former owner’s records are made available for audit, Ê whichever period expires later, but not later than 90 days after receiving the request. 4. If the Department fails to mail the certificate, the successor or assignee is released from any further obligation to withhold any portion of the purchase price, business or stock of goods. 5. The time within which the obligation of the successor or assignee may be enforced begins at the time the person who is liable for the tax or fee sells or assigns all or any portion of his or her business or stock of goods or at the time that the determination against the person becomes final, whichever event occurs later.