For wholesale merchants, the license tax is based on gross purchases rather than gross receipts. Are you thinking about buying or selling a Virginia or Maryland business?Now is the time to get the information you need for a successful transaction. Documentation is required to be supplied for ALL exclusions your company is claiming. Virginia transaction attorney shares how to write an effective and legally binding business purchase agreement. ➢ Schedule 1 – Report the total purchase cost of all tangible personal property (except computer and motor vehicles) located in. Fairfax County on Jan.