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IRS MAY NOW PURCHASE AUCTIONED SEIZED PROPERTY
The Department of the Treasury and IRS issued final regulations permitting district directors to acquire seized property if the facts and circumstances indicate that it is in the best interest of the government to make the purchase. The considerations that come into play are--
* the property's marketability
* the cost of maintaining the property
* the cost of repairing or restoring the property
* the cost of transporting the property
* the cost of safeguarding the property
* the cost of potential toxic waste cleanup
* other factors pertinent to the type of the property.
The IRS may purchase the property only if no bidder has offered the minimum price set by the IRS. *
Source: T.D. 8691, Fed. Reg. ___ (12/16/96).
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©2009 The New York State Society of CPAs. Legal Notices |
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