26 USC 7505 – Sale of personal property acquired by the United States
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(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
Terms Used In 26 USC 7505
- Personal property: All property that is not real property.
- Secretary: means the Secretary of the Treasury or his delegate. See 26 USC 7701
- United States: when used in a geographical sense includes only the States and the District of Columbia. See 26 USC 7701
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.