§ 38565
68 words·~1 min read·
/ca/revenue-and-taxation-code/38565A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If at the time a business is discontinued the board holds security pursuant to Section 38501 in the form of cash, government bonds, or insured deposits in banks or savings and loan institutions, this security when applied to the account of the taxpayer shall be deemed to be a payment on account of any liability of the taxpayer to the board on the date the business is discontinued.