Tennessee § 57-4-303 - Settlement of tax on quitting business.
Full text of Tennessee Tennessee Code Annotated § 57-4-303 — Settlement of tax on quitting business., with citation guidance and answers to common questions.
§ 57-4-303. Settlement of tax on quitting business.
If any licensee liable for any tax, interest or penalty levied hereunder shall sell the business or stock of goods, or shall quit the business, the licensee shall make a final return and payment within fifteen (15) days after the date of selling or quitting the business. The successor, successors or assigns, if any, shall withhold sufficient of the purchase money to cover the amount of such taxes, interest and penalties due and unpaid until such former owner shall produce a receipt from the commissioner showing that they have been paid, or a certificate stating that no taxes, interest or penalties are due. If the purchaser of a business or stock of goods shall fail to withhold the purchase money, the purchaser shall be personally liable for the payment of the taxes, interest, and penalties accruing and unpaid on account of the operation of the business by any former owner, owners, or assigns. Acts 1967, ch. 211, § 3; T.C.A., § 57-159. Attorney General Opinions. Licensing and taxation of hotels selling alcohol for consumption on the premises. OAG 16-05, 2016 Tenn. AG LEXIS 3 (2/9/2016).
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 57-4-303
What does Tennessee Code Annotated § 57-4-303 cover?
Section 57-4-303 ("Settlement of tax on quitting business.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 57-4-303?
A common citation format is "Tennessee Code Annotated § 57-4-303" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 57-4-303 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.