Page:United States Statutes at Large Volume 68A.djvu/822

 782

INTERNAL REVENUE CODE OF 1954

under this chapter if the Secretary or his delegate finds that the fair market value of that part of such property remaining subject to the lien is at least double the amount of the unsatisfied liability secured by such lien and the amount of all other liens upon such property which have priority to such lien. (2)

P A R T PAYMENT OR INTEREST OF UNITED STATES VALUELESS.—

Subject to such rules or regulations as the Secretary or his delegate may prescribe, the Secretary or his delegate may issue a certificate of discharge of any part of the property subject to the lien if— (A) there is paid over to the Secretary or his delegate in part satisfaction of the liability secured by the lien an amount determined by the Secretary or his delegate, which shall not be less than the value, as determined by the Secretary or his delegate, of the interest of the United States in the part to be so discharged, or (B) the Secretary or his delegate determines at any time that the interest of the United States in the part to be so discharged has no value. In determining the value of the interest of the United States in the part to be so discharged, the Secretary or his delegate shall give consideration to the fair market value of such part and to such liens thereon as have priority to the lien of the United States. (c) E F F E C T OF CERTIFICATE OF R E L E A S E OR PARTIAL D I S C H A R G E. —

A certificate of release or of partial discharge issued under this section shall be held conclusive that the lien upon the property covered by the certificate is extinguished. (d)

CROSS R E F E R E N C E S. —

(1) For single bond complying with the requirements of both subsection (a)(2) and section 6165, see section 7102. (2) For other provisions relating to bonds, see generally chapter 73. (3) For provisions relating to suits to enforce lien, see section 7403. (4) For provisions relating to suits to clear title to realty, see section 7424. SEC. 6326. CROSS REFERENCES. (1) For lien in case of tax on distilled spirits, see section 5004. (2) For exclusion of tax liability from discharge in bankruptcy, see section 17 of the Bankruptcy Act, as amended (52 Stat. 851; 11 U.S.C. 35). (3) For limit on amount allowed in bankruptcy proceedings on debts owing to the United States, see section 57(j) of the Bankruptcy Act, as amended (52 Stat. 867; 11 U.S.C. 93). (4) For recognition of tax liens in proceedings under the Bankruptcy Act, see section 67(b) and (c) of that act, as amended (52 Stat. 876-877; 11 U.S.C. 107). (5) For collection of taxes in connection with wage earners' plans in bankruptcy courts, see section 680 of the Bankruptcy Act, as added by the act of June 22, 1938 (52 Stat. 938; 11 U.S.C. 1080). (6) For provisions permitting the United States to be made party defendant in a proceeding in a State court for the foreclosure of a lien upon real estate where the United States may have a claim upon the premises involved, see section 2410 of Title 28 of the United States Code. (7) For priority of lien of the United States in case of insolvency, see R. S. 3466 (31 U.S.C. 191).

§6325 (b)(1)

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