I.R.C. § 7506(a) Person Charged With —
The Secretary shall have charge of all real estate which is or shall become the
property of the United States by judgment of forfeiture under the internal revenue
laws, or which has been or shall be assigned, set off, or conveyed by purchase or
otherwise to the United States in payment of debts or penalties arising under the
laws relating to internal revenue, or which has been or shall be vested in the United
States by mortgage or other security for the payment of such debts, or which has
been redeemed by the United States, and of all trusts created for the use of the
United States
in payment of such debts due them.
I.R.C. § 7506(b) Sale —
The Secretary, may, at public sale, and upon not less than 20 days' notice, sell
and dispose of any real estate owned or held by the United States as aforesaid.
I.R.C. § 7506(c) Lease —
Until such sale, the Secretary may lease such real estate owned as aforesaid on
such terms and for such period as the Secretary shall deem proper.
I.R.C. § 7506(d) Release To Debtor —
In cases where real estate has or may become the property of the United States by
conveyance or otherwise, in payment of or as security for a debt arising under the
laws relating to internal revenue, and such debt shall have been paid, together with
the interest thereon, at the rate of 1 percent per month, to the United States, within
2 years from the date of the acquisition of such real estate, it shall be lawful
for the Secretary to release by deed or otherwise convey such real estate to the
debtor from whom it was taken, or to his heirs or other legal representatives.
(Aug. 16, 1954, ch. 736, 68A Stat. 896; Nov. 2, 1966, Pub. L. 89-719, title I, 111(b), 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 subsecs.
(a) and (d), are classified generally to this title.
Amendments
1976--Subsecs. (a) to (d). Pub. L. 94-455 struck out “or his delegate” after “Secretary” wherever appearing.
1966--Subsec. (a). Pub. L. 89-719 inserted reference to real estate which has been redeemed by the United States.
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.
Cross References
Charge by Administrator of General Services of lands and other property, transferred
to the United States in payment of debts other than those arising under the internal
revenue laws, see section 301 of Title 40, Public Buildings, Property, and Works.
Section Referred to in Other Sections
This section is referred to in section 7809 of this title; title 18 section 3613.
