26 C.F.R. Subpart F—Administrative Sale of Personal Property
Title 26 - Internal Revenue
When personal property forfeited administratively is to be sold, the Commissioner or his delegate shall cause a notice of sale to be placed in a newspaper of general circulation published in the judicial district wherein the seizure was made. The sale shall occur not less than 10 days from the date of the publication of the notice. At the discretion of the Commissioner or his delegate the forfeited personal property may be sold at public auction to the highest bidder on open, competitive bids, or sold to the highest bidder on sealed, competitive bids. (Sec. 7325, 68A Stat. 870, as amended; (26 U.S.C. 7325)) All competitive bids shall be on a unit basis. Thus, for example, if a number of forfeited automobiles are advertised for sale at the same date, hour and place, whether or not in the same notice of sale, a separate individual bid is required as to each automobile. The Commissioner or his delegate will not accept one blanket bid to cover the entire group of automobiles offered for sale. (a) No recourse. All personal property to be sold shall be offered for sale “as is” and without recourse against the United States. (b) No guarantee. No guarantee or warranty, expressed or implied, shall be given or understood in respect of any forfeited property offered for sale. (c) No sale. (1) The United States reserves the right to reject any bids. (2) In a case in which all bids are rejected the Commissioner or his delegate shall re-advertise the property for sale in the manner prescribed in §403.55. (d) One bid. When only one bid is received for a single unit of property such bid shall be the highest bid received for such property. (Sec. 7325, 68A Stat. 870, as amended (26 U.S.C. 7325 (1), (4)); sec. 7326, 72 Stat. 1429, as amended (26 U.S.C. 7326(a))) [T.D. 7433, 41 FR 39312, Sept. 15, 1976, as amended by T.D. 7525, 42 FR 64344, Dec. 23, 1977] The only acceptable forms of payment shall be cash, cashier's check, certified check, or postal money order, in the amount of the accepted bid.
Title 26: Internal Revenue
PART 403—DISPOSITION OF SEIZED PERSONAL PROPERTY
Subpart F—Administrative Sale of Personal Property
§ 403.55 Alternative methods of sale.
§ 403.56 All bids on unit basis.
§ 403.57 Conditions of sale.
§ 403.58 Acceptable forms of payment.
§ 403.59 [Reserved]
§ 403.60 Purchaser entitled to bill of sale.
Each purchaser of administratively forfeited property is entitled to receive a suitable bill of sale.
§ 403.61 Sale on open, competitive bids.
If forfeited property is to be sold at public auction to the highest bidder on open, competitive bids, the notice of sale shall so specify, and state the date, hour, and place of such sale.
§ 403.62 Sale on sealed, competitive bids.
If the property is to be sold to the highest bidder on sealed, competitive bids, the notice of sale shall so specify, and shall state the date, hour, and place of sale, and the date, hour, and place prior to the sale when and where prospective bidders may view the property and obtain necessary information. All sealed bids must be filed with the district director of the internal revenue district in which the property was seized before the sale. No bids will be accepted after the sale starts. At the appointed date, hour, and place of sale, all sealed bids timely filed shall be open in the presence of all bidders attending the sale, who shall have the privilege of inspecting the bids if they so desire.
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