
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: 26USC7810]

 
                     TITLE 26--INTERNAL REVENUE CODE
 
                Subtitle F--Procedure and Administration
 
                        CHAPTER 80--GENERAL RULES
 
           Subchapter A--Application of Internal Revenue Laws
 
Sec. 7810. Revolving fund for redemption of real property


(a) Establishment of fund

    There is established a revolving fund, under the control of the 
Secretary, which shall be available without fiscal year limitation for 
all expenses necessary for the redemption (by the Secretary) of real 
property as provided in section 7425(d) and section 2410 of title 28 of 
the United States Code. There are authorized to be appropriated from 
time to time such sums (not to exceed $10,000,000 in the aggregate) as 
may be necessary to carry out the purposes of this section.

(b) Reimbursement of fund

    The fund shall be reimbursed from the proceeds of a subsequent sale 
of real property redeemed by the United States in an amount equal to the 
amount expended out of such fund for such redemption.

(c) System of accounts

    The Secretary shall maintain an adequate system of accounts for such 
fund and prepare annual reports on the basis of such accounts.

(Added Pub. L. 89-719, title I, Sec. 112(a), Nov. 2, 1966, 80 Stat. 
1145; amended Pub. L. 94-455, title XIX, Sec. 1906(b)(13)(A), Oct. 4, 
1976, 90 Stat. 1834; Pub. L. 98-369, div. A, title IV, Sec. 443, July 
18, 1984, 98 Stat. 816.)


                               Amendments

    1984--Subsec. (a). Pub. L. 98-369 substituted ``$10,000,000'' for 
``$1,000,000''.
    1976--Pub. L. 94-455 struck out ``or his delegate'' after 
``Secretary'' wherever appearing.


                             Effective Date

    Section 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 an Effective Date of 1966 Amendment note under 
section 6323 of this title.

                  Section Referred to in Other Sections

    This section is referred to in section 7809 of this title.
