Ill. Admin. Code tit. 86 § 140.1501

Current through Register Vol. 48, No. 44, November 1, 2024

Section 140.1501 - Procedures

a) Where a serviceman under the Service Occupation Tax Act sells out or discontinues his business, such serviceman shall continue to file returns and pay tax with respect to selling prices received by the serviceman thereafter on account of taxable transactions which occurred up to the date upon which he sells out or discontinues his business. Such tax should be paid notwithstanding the fact that the serviceman is no longer engaged in business. For the purposes of filing a final return under Section 140.410 of this Part, the taxpayer is not considered to have discontinued business as long as he continues to collect receipts on which he is required to remit tax to the Department.

b) For information concerning the requirements for complying with the Bulk Sales Law when a business is sold by one person to another, see Subpart P of this Part.

Ill. Admin. Code tit. 86, § 140.1501

Amended at 14 Ill. Reg. 262, effective January 1, 1990