26-U.S.C.-7505
§7505 – Sale of Personal Property Acquired By The United States
Pathway
Title 26 > Subtitle F > Chapter 77 > Section 7505
Details
- Reference: Section 7505
- Legend: §7505 – Sale of Personal Property Acquired By The United States
- USCode Year: 2013
Provision Content
(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.
(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.)
Amendments
1976—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.
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.
U.S. Encyclopedia of Law Coverage
Subchapter E – in the Legal Encyclopedia: Tax Administration
In this entry about Subchapter E – , find legal reference material, bibliographies and premiere content related to tax administration in the American Encyclopedia of Law, presenting a comprehensive view of the United States tax administration-specific issues, written by authorities in the field.
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