[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: 26CFR403.44]

[Page 779]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 403_DISPOSITION OF SEIZED PERSONAL PROPERTY--Table of Contents
 
            Subpart D_Remission or Mitigation of Forfeitures
 
Sec. 403.44  Acquisition for official use and sale for account of 
petitioner in the case of an allowed petition.

    (a) Acquisition for official use. The seized property may be 
purchased by the United States pursuant to agreement and retained for 
official use. Where the petitioner is the owner, the purchase price is 
the appraised value of the property less all costs. Where the petitioner 
is a creditor, the purchase price is the smaller of:
    (1) The petitioner's equity, or (2) the appraised value of the 
property less the amount of all costs.
    (b) Sale for account of petitioner. If the petitioner elects not to 
comply with the conditions, if any, set for the return of the property, 
the Commissioner or his delegate is authorized to sell the property. If 
the petitioner is the owner of the property, there is deducted from the 
proceeds of the sale all costs incident to the seizure, forfeiture, and 
sale. The Commissioner or his delegate shall pay to the petitioner, out 
of the proper appropriation, an amount equal to the balance, if any. 
Where the petitioner is a creditor, there is deducted from the proceeds 
of the sale all costs incident to the seizure, forfeiture, and sale, and 
the Commissioner or his delegate shall pay to the petitioner, out of the 
proper appropriation, an amount equal to the smaller of: (1) The 
balance, if any, or (2) the equity of the petitioner.