PRIA, Government Policy, Made Personal

Summary

The Secretary is in charge of any land or buildings the United States gets because of unpaid taxes or related penalties, including property taken by forfeiture, held as security, bought by the Government, or held in trust for tax debts. The Secretary can sell that property at a public sale after at least 20 days’ notice or lease it until sold. If the debt is paid, with interest at 1 percent per month, within 2 years of the Government getting the property, the Secretary may give the property back to the person who owed the debt, their heirs, or legal representatives.

Title 26, §7506

Internal Revenue Code, Source: USLM XML via OLRC

(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.

Notes & Related Subsidiaries

Editorial Notes

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.

Statutory Notes and Related Subsidiaries

Effective Date

of 1966 AmendmentAmendment 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.

§7506 Administration of Real Estate Acquired by the United States