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A. Satisfaction Of Liability: For the purpose of facilitating the settlement and distribution of estates, trusts, receiverships, other fiduciary relationships, and corporations in the process of dissolution or which have been dissolved, the Director may agree with the fiduciary or surviving directors upon the amount of taxes due from the decedent, or from the decedent's estate, the trust, receivership, or other fiduciary relationship, or corporation, for any of its taxable periods, under the provisions of the taxes covered by this City Tax Code and except upon a showing of fraud, malfeasance or misrepresentation of a material fact, payment in accord with the agreement shall be full satisfaction of the taxes for the taxable periods to which the agreement related.
B. Personal Liability: Except as provided in subsection D of this section, any personal representative of a decedent, or of the estate of a decedent, or any trustee, receiver, or other person acting in a fiduciary capacity, or any director of a corporation in the process of dissolution or which has been dissolved, who distributes the estate or fund in the person's control without having first paid any taxes covered by this City Tax Code due from the decedent, decedent's estate, trust estate, receivership, or corporation, covered by this City Tax Code and which may be assessed within the time limited by this City Tax Code, shall be personally liable to the extent of the property so distributed, for any unpaid taxes of the decedent, decedent's estate, trust estate, receivership, or corporation, covered by this City Tax Code and which may be assessed within the time limited by this City Tax Code.
C. Notification Of Liability: The distributee of a decedent's estate, or a trust estate or fund, or the stockholder of any dissolved corporation who receives any of the property of the decedent's estate, trust estate, fund, or corporation, shall be liable to the extent of the decedent, trust estate, fund, or corporation, covered by this City Tax Code and which may be assessed within the time limited by this City Tax Code. Notice to the distributee or stockholder shall be given in the same manner and within the time limit which would have been applicable had there been no distribution.
D. Limitation Of Liability:
1. In the event tax covered by this City Tax Code is due from a decedent, or of the decedent's estate, or by a corporation, and in order for a personal liability under subsection B of this section to remain in effect, determination of the tax due shall be made and notice and demand therefor shall issue within eighteen (18) months after written request for the determination, filed after the filing of the decedent's final return or filed after the filing of the return of the decedent's estate with respect to which the request is applicable, by any personal representative of the decedent, or by the corporation, filed after the filing of its return; but a request under this provision shall not extend the period of limitation otherwise applicable.
2. This subsection D of this section will not apply in the case of a corporation unless:
a. The request notifies the Director that the corporation contemplates dissolution at or before the expiration of the eighteen (18) month period;
b. The dissolution is begun in good faith before the expiration of the eighteen (18) month period; and
c. The dissolution is completed.
3. Upon the expiration of the eighteen (18) month period, without determination being made and notice and demand being issued, the personal representative or representatives of the decedent, and the directors of the corporation no longer will be liable under the provisions of subsection B of this section. (1968 Code §3-106; Ord. 76-168; Ord. 01-42)
The auctioneer at any sale, except when acting as an agent for a duly licensed retailer licensed to sell the commodities or articles under auction, or when selling only tangible personal property which is exempt from retail sales or use tax, is a retailer and the business conducted by the auctioneer in accomplishing the sale is the transaction of a business as defined. (Ord. 91-161; Ord. 01-42)
It shall be the duty of every person engaged in business in the City, for the transaction of which a license is required hereunder, and of every person purchasing tangible personal property or services subject to the tax imposed hereunder who has not paid the tax imposed to a person required or authorized to collect the tax, to keep and preserve, for a period of three (3) years, suitable records of all sales or purchases made by that person and other books or accounts as may be necessary to determine the amount of the tax for the collection or payment of which he is liable hereunder.
Pursuant to subsection 2.7.106D of this article, if a taxpayer fails to file a return, the tax, with penalties and interest, may be assessed and collected at any time. (1968 Code §3-84; Ord. 76-168; Ord. 01-42)
It shall be the duty of every retailer and every person to keep and preserve for a period of three (3) years all invoices of goods and merchandise purchased for resale, and all books, invoices, and other records.
Pursuant to subsection 2.7.106D of this article, if a taxpayer fails to file a return, the tax, with penalties and interest thereon, may be assessed and collected at any time. (1968 Code §3-84; Ord. 76-168; Ord. 01-42)
If the retailer or other person keeps or maintains books, invoices, accounts or other records, or any portion thereof, outside the City, upon demand by the Director he shall make the same available at a suitable place within the City, to be designated by the Director, for examination, inspection and audit by the Director.
The Director may make, permit, or cause to be made, the examination, inspection and audit of books, invoices, accounts and other records so kept or maintained by the retailer or the person outside the City or State of Colorado where the same will be made available, provided the books, invoices, accounts and other records are not otherwise made available to the Director at the time and place deemed suitable by the Director. In the event the examination, inspection or audit is found to be necessary by the Director under the terms hereof, the retailer or person, for whom the examination, inspection or audit is required, shall be liable to reimburse the City for all costs and expenses incurred by it in order to have the examination, inspection or audit conducted outside the City. (1968 Code §3-84; Ord. 76-168; Ord. 01-42)
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