Section 7959 Of Article 6. Payment On Termination Of Business From California Revenue And Taxation Code >> Division 2. >> Part 2. >> Chapter 6. >> Article 6.

. Unless notice is given as provided by Section 7956, the purchaser or transferee becomes liable for all taxes and penalties under this part accrued against the vendor or transferor to the date of the sale or transfer, but only to the extent of the value of the property and business thereby acquired.