Can IRS come and seize property or inventory of a new business owner if the past owner owes back tax money?

Question Details:

A business owner owes the IRS back tax money. They are currently working out a payment plan with the IRS, and are also selling the business.  In such a case, can the IRS come into the business and seize any property or inventory once the sale of the business and inventory is final and new owners take over?

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