Internal Revenue Code · 26 U.S.C.
§ 7505. Sale of personal property acquired by the United States
Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). Compare it with the official text at uscode.house.gov (external site).
Cite as 26 U.S.C. § 7505
At a glance
Read from the text, the source credit and the official notes. Not part of the law.
- Status
- In force
- Enacted
- November 2, 1966 by Pub. L. 89–719
- Last amended
- October 4, 1976 by Pub. L. 94–455
- Amendments
- 1 dated changes in the source credit
- Length
- 2 subsections · 117 words · about 1 min to read
- Regulations
- 1 issued under this section
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.
(Aug. 16, 1954, ch. 736, 68A Stat. 896; Pub. L. 89–719, title I, § 111(a), (c)(1), Nov. 2, 1966, 80 Stat. 1145; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834.)
Regulations under this section
Treasury regulations (26 CFR) issued under § 7505
Amendment history
From the source credit and the official notes, newest first.
- Amended by Pub. L. 94–455Parts changed in 1976: (a)
- Enacted by Pub. L. 89–719
Where it sits in the Code
Nearby sections
- § 7501 Liability for taxes withheld or collected
- § 7502 Timely mailing treated as timely filing and paying
- § 7503 Time for performance of acts where last day falls on Saturday, Sunday, or legal holiday
- § 7504 Fractional parts of a dollar
- § 7505 Sale of personal property acquired by the United States
- § 7506 Administration of real estate acquired by the United States
- § 7507 Exemption of insolvent banks from tax
- § 7508 Time for performing certain acts postponed by reason of service in combat zone or contingency operation
- § 7508A Authority to postpone certain deadlines by reason of Federally declared disaster, significant fire, or terroristic or military actions
Official notes
Show the Law Revision Counsel's notes (amendments, effective dates)
Editorial Notes
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.
Statutory Notes and Related Subsidiaries
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.