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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

(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..

(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.

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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