Nevada § 360.525 - Successor or assignee to withhold tax or equivalent assets from purchase price; liability for failure to withhold sufficient amount; release

§ 360.525. 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, 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, 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.