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Internal Revenue Code, § 7505. Sale Of Personal Property Acquired By The United States

I.R.C. § 7505(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.
I.R.C. § 7505(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; Nov. 2, 1966, Pub. L. 89-719, title I, 111(a), (c)(1), 80 Stat. 1145; Oct. 4, 1976, Pub. L. 94-455, title XIX, 1906(b)(13)(A), 90 Stat. 1834.)
Background Notes
References in Text
The internal revenue laws, referred to in subsec. (a), are classified generally to this title.
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 the title or lien of the United States arose or when the 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.
Section Referred to in Other Sections
This section is referred to in title 18 section 3613.