1. Seller's Responsibilities: Any person engaged in business in the town who sells such business shall file a final return. The reporting period for such return shall end on the date of the transfer of ownership of the business.

2. Purchaser's Responsibilities:

1. Existing Businesses: Sales tax shall be due on tangible personal property, except inventory held for lease, rental or resale, which is acquired with the purchase, transfer of ownership, or any other form of acquisition of a business. The tax shall be based on the price of such property as recorded in the bill of sale or agreement and constituting a part of the total transaction at the time of the sale or transfer, provided the valuation is as great or greater than the fair market value of such property. If the fair market value of the property is greater than the price recorded in the bill of sale or agreement, then the fair market value of the property shall be the basis for calculating the amount of tax due. Such tax shall be reported on a sale of assets tax return.

2. New Businesses: Sales tax shall be paid on the price of all tangible personal property, except inventory held for lease, rental or resale, which is purchased inside the town. Such tax shall be reported on the seller's sales tax return.

3. Exceptions: In the case of businesses where the tangible personal property purchased is or shall be affixed to a building or premises and intended to be utilized in that fashion (i.e., automated or self-serve car wash equipment, laundromat washers and dryers, bowling lanes, and such properties), the business owner shall deduct this equipment on the sale of assets tax return and collect and remit sales tax on each transaction where the equipment is utilized by the customer or patron.