26 U.S.C. § 7505

Current through P.L. 118-47 (published on www.congress.gov on 03/23/2024)

Section 7505 - Sale of personal property acquired by the United States

(a) Sale

Any personal property acquired by the United States in payment of or as security for debts arising under the internal revenue laws may be sold by the Secretary in accordance with such regulations as may be prescribed by the Secretary.

(b) Accounting

In case of the resale of such property, the proceeds of the sale shall be paid into the Treasury as internal revenue collections, and there shall be rendered a distinct account of all charges incurred in such sales.

26 U.S.C. § 7505

Aug. 16, 1954, ch. 736, 68A Stat. 896; Pub. L. 89-719, title I, §111(a), (c) (1), Nov. 2, 1966, 80 Stat. 1145; Pub. L. 94-455, title XIX, §1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834.

EDITORIAL NOTES

AMENDMENTS1976-Subsec. (a). Pub. L. 94-455 struck out "or his delegate" after "Secretary" wherever appearing.1966- Pub. L. 89-719 substituted "acquired by the United States in payment of or as security for debts arising under the internal revenue laws" for "purchased by the United States under the authority of section 6335(e) (relating to purchase for the account of the United States of property sold under levy)" in subsec. (a), and substituted "acquired" for "purchased" in section catchline.

STATUTORY NOTES AND RELATED SUBSIDIARIES

EFFECTIVE DATE OF 1966 AMENDMENT Amendment by Pub. L. 89-719 applicable after Nov. 2, 1966, regardless of when title or lien of United States arose or when lien or interest of another person was acquired, with certain exceptions, see section 114(a)-(c) of Pub. L. 89-719 set out as a note under section 6323 of this title.

Secretary

The term "Secretary" means the Secretary of the Treasury or his delegate.

levy

The term "levy" includes the power of distraint and seizure by any means.

person

The term "person" shall be construed to mean and include an individual, a trust, estate, partnership, association, company or corporation.