Revenue and Taxation Code - RTC
DIVISION 2. OTHER TAXES [6001 - 61050]
( Heading of Division 2 amended by Stats. 1968, Ch. 279. ) PART 1. SALES AND USE TAXES [6001 - 7176]
( Part 1 added by Stats. 1941, Ch. 36. ) CHAPTER 6. Collection of Tax [6701 - 6850]
( Chapter 6 added by Stats. 1941, Ch. 36. ) ARTICLE 7. Payment on Termination of Business and Successor’s Liability [6811 - 6815]
( Article 7 added by Stats. 1941, Ch. 36. ) 6815.
If at the time a business is discontinued the board holds security pursuant to Section 6701 in the form of cash, government bonds, or insured deposits in banks or savings and loan institutions, such security when applied to the account of the taxpayer shall be deemed to be a payment on account of any liability of the taxpayer to the board on the date the business is discontinued.
(Added by Stats. 1966, Ch. 5.)