(a) Any taxpayer who sells out a business or stock of goods or quits business shall be required to make out a return and pay all taxes due and owing to the City as provided in this article within ten days after the date the taxpayer sells out the business or stock of goods, or quits business. The purchaser of any such business or stock of goods shall be required to withhold sufficient purchase money to cover the amount of all taxes due and unpaid until such time as the taxpayer produces a receipt from the finance director showing that the taxes have been paid, or a certificate that no taxes are due.

(b) If the purchaser of a business or stock of goods fails to withhold the purchase money as provided in subsection (a) of this section, and the tax remains due and unpaid after the ten-day period allowed, the purchaser, as well as the taxpayer, shall be personally liable for the payment of all unpaid taxes. (Code 1979, § 36-158)