[WSBARP] Off Topic - Asset Sale

[Rich Holland]

Have a transaction closing this fall where significant assets are being sold from one company to another but the companies themselves will still independently exist.  Once the value of the personal property assets are agreed upon, there will be sales tax due at the transfer of title and they are the responsibility of the Buyer.  The assets too are varied in the sense that they include some vehicles and some other hard assets that are not 'titled'.  How are the taxes paid?  Is it simply a responsibility of the Buyer and they pay the taxes, for example, on their next quarterly and at DOL as the licenses are transferred, or is the entire amount sent to the State with a copy of the Bill of Sale?  Forgive me, as this is where the divergence from real estate has me at a disadvantage.

Sincerely,

Richard L. Holland

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