
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: 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.
