§ 7506. — Administration of real estate 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: 26USC7506]
TITLE 26--INTERNAL REVENUE CODE
Subtitle F--Procedure and Administration
CHAPTER 77--MISCELLANEOUS PROVISIONS
Sec. 7506. Administration of real estate acquired by the United
States
(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.
(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.
(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.
(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; Pub. L. 89-719, title I,
Sec. 111(b), 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--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 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.
Section Referred to in Other Sections
This section is referred to in section 7809 of this title.
