[Code of Federal Regulations]
[Title 26, Volume 18]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR301.6336-1]

[Page 302-303]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 301_PROCEDURE AND ADMINISTRATION--Table of Contents
 
               Seizure of Property for Collection of Taxes
 
Sec. 301.6336-1  Sale of perishable goods.

    (a) Appraisal of certain seized property. If the district director 
determines that any property seized by levy is liable to perish or 
become greatly reduced in price or value by keeping, or that such 
property cannot be kept without great expense, he shall appraise the 
value of such property and return it to the owner if the owner complies 
with the conditions prescribed in paragraph (b) of this section or, if 
the owner does not comply with such conditions, dispose of the property 
in accordance with paragraph (c) of this section.
    (b) Return to owner. If the owner of the property can be readily 
found, the district director shall give him written notice of his 
determination of the appraised value of the property. However, if the 
district director determines that the circumstances require immediate 
action, he may give the owner an oral

[[Page 303]]

notice of his determination of the appraised value of the property, 
which notice shall be confirmed in writing prior to sale. The property 
shall be returned to the owner if, within the time specified in the 
notice, the owner--
    (1) Pays to the district director an amount equal to the appraised 
value, or
    (2) Gives an acceptable bond as prescribed by section 7101 and Sec. 
301.7101-1. Such bond shall be in an amount not less than the appraised 
value of the property and shall be conditioned upon the payment of such 
amount at such time as the district director determines to be 
appropriate in the circumstances.
    (c) Immediate sale. If the owner does not pay the amount of the 
appraised value of the seized property within the time specified in the 
notice, or furnish bond as provided in paragraph (b) of this section 
within such time, the district director shall as soon as practicable 
make public sale of the property in accordance with the following terms 
and conditions--
    (1) Notice of sale. If the owner can readily be found, a notice 
shall be given to him. A notice of sale also shall be posted in two 
public places in the county in which the property is to be sold. The 
notice shall specify the time and place of sale, the property to be 
sold, and the manner and conditions of sale. The district director may 
give such other notice and in such other manner as he deems advisable 
under the circumstances.
    (2) Sale. The property shall be sold at public auction to the 
highest bidder.
    (3) Terms. The purchase price shall be paid in full upon acceptance 
of the highest bid. The payment shall be made in cash, or by a 
certified, cashier's or treasurer's check drawn on any bank or trust 
company incorporated under the laws of the United States or under the 
laws of any State, Territory, or possession of the United States, or by 
a U.S. postal, bank, express, or telegraph money order.