26 U.S.C. § 7505
§ 7505. Sale of personal property acquired by the United States
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
History
Part of the code since 1954. Last changed October 4, 1976 by the Tax Reform Act of 1976.
Every change, newest first (3)
- October 4, 1976Tax Reform Act of 1976
- November 2, 1966Public Law 89-719
- August 16, 1954Internal Revenue Code of 1954 (original text)
The law as written
Current through Public Law 119-102. Amendment notes omitted.
Structure
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.
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.