§ 7505. — Sale of personal property acquired by the United States.
[Laws in effect as of January 7, 2003]
[Document not affected by Public Laws enacted between
January 7, 2003 and December 19, 2003]
[CITE: 26USC7505]
TITLE 26--INTERNAL REVENUE CODE
Subtitle F--Procedure and Administration
CHAPTER 77--MISCELLANEOUS PROVISIONS
Sec. 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.
(Aug. 16, 1954, ch. 736, 68A Stat. 896; Pub. L. 89-719, title I,
Sec. 111(a), (c)(1), Nov. 2, 1966, 80 Stat. 1145; Pub. L. 94-455, title
XIX, Sec. 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.
