Revenue and Taxation Code section 60472
(a)
If the purchaser of a business or stock of goods fails to withhold the purchase price as required, he or she becomes personally liable for the payment of the amount required to be withheld by him or her to the extent of the purchase price valued in money.(b)
(1)Within 60 days after the latest of the dates specified in paragraph (2), the board shall either issue the certificate or mail notice to the purchaser at his or her address as it appears on the records of the board of the amount that is required to be paid as a condition of issuing the certificate.(2)
For purposes of paragraph (1), the latest of the following dates shall apply:(A)
The date the board receives a written request from the purchaser for a certificate.(B)
The date the former owner’s records are made available for audit.(c)
Failure of the board to mail the notice referred to in subdivision (b) shall release the purchaser from any further obligation to withhold from the purchase price under this article. The last day upon which the obligation of the successor may be enforced shall be no later than three years after the date the board is notified of the purchase of the business or stock of goods.
Source:
Section 60472, https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=RTC§ionNum=60472. (updated Jul. 16, 1997; accessed Dec. 29, 2025).
