Official Code of Georgia Annotated

Title 48. REVENUE AND TAXATION · Chapter 7. INCOME TAXES · Article 4. PAYMENT: DEFICIENCIES, ASSESSMENT, AND COLLECTION

48-7-83. Action for collection of tax out of assets of dissolved corporation; procedure.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Whenever any corporation has been dissolved or the assets of the corporation for any reason have passed entirely from the control of the corporation into the possession of its former stockholders or other persons without the payment of income taxes due the state, the commissioner shall have the right to bring action against any or all persons possessing the assets for the collection of any income taxes that may be due the state up to the value of the assets. If the assets have come into the possession of more than one person, each person shall have the right to prorate the amount of the tax according to the value of the assets coming into each person’s possession.

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

Code 1933, § 92-3315, enacted by Ga. L. 1937, p. 109, § 20; Code 1933, § 91A3807, enacted by Ga. L. 1978, p. 309, § 2.

Dissolution of business corporations generally, § 14-2-1401 et seq.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t48-ch7-8-(v37)-2024-pdf.pdf, Volume V37, 2024 edition, pages 564 to 565; merge action: carried; file SHA-256 94ae5e1b204a.