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26 U.S.C. § 7505 — Sale of personal property acquired by the United States

submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 82 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Secretary may sell personal property the government got in payment of tax debts. Sales follow rules the Secretary sets. If resold, the money goes to the Treasury and detailed sale records must be kept.

(a) Sale. If the United States gets personal property as payment for, or security for, a debt under the internal revenue laws, the Secretary may sell it. The sale follows regulations the Secretary sets. (b) Accounting. If the property is resold, the money from the sale goes into the Treasury as internal revenue collections. A detailed record of all costs from the sale must be kept.
the actual law source: uscode.house.gov ↗public domain
(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.

Source credit: (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.)

history & why it existsrecord from the source credit
  • 1954Enacted · Act of Aug. 16, 1954, ch. 736
  • 1966Amended · Pub. L. 89-719 · 80 Stat. 1145
  • 1976Amended · Pub. L. 94-455 · 90 Stat. 1834

A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.

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