
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[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.
