[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: 26CFR403.5]

[Page 775]
 
                       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 B_Definitions
 
Sec. 403.5  Meaning of terms.


    As used in this part, and unless the context otherwise requires, the 
following terms shall have the meanings set forth in this section. In 
this part words in the plural form shall include the singular, and vice 
versa, and words importing the masculine gender shall include the 
feminine. The terms ``includes'' and ``including'' do not exclude things 
not enumerated which are in the same general class.
    (a) Appraised value. The value placed upon seized property by the 
appraisers pursuant to Sec. 403.26(a)(2) for the purpose of determining 
whether the property may be forfeited administratively.
    (b) Equity. For purposes of subpart D of this part, the petitioner's 
interest in the subject personal property at the time of final 
administrative action on the petition, but not including:
    (1) Any unearned finance charges accruing from the later of the date 
of seizure or the date of default;
    (2) any amount rebatable on account of paid insurance premiums;
    (3) attorney's fees for collection;
    (4) any amount identified as dealer's reserve; or
    (5) any amount in the nature of liquidated damages that may have 
been agreed upon by the buyer and the petitioner.