Page:United States Statutes at Large Volume 68A.djvu/826

 786

INTERNAL REVENUE CODE OF 1954

the Secretary or his delegate shall select the alternatives applicable to the sale. Such regulations shall provide: (A) That the sale shall not be conducted in any manner other than— (i) by public auction, or (ii) by public sale under sealed bids. (B) In the case of the seizure of several items of property, whether such items shall be offered separately, in groups, or in the aggregate; and whether such property shall be offered both separately (or in groups) and in the aggregate, and sold under whichever method produces the highest aggregate amount. (C) Whether the announcement of the minimum price determined by the Secretary or his delegate may be delayed until the receipt of the highest bid. (D) Whether payment in full shall be required at the time of acceptance of a bid, or whether a part of such payment may be deferred for such period (not to exceed 1 month) as may be determined by the Secretary or his delegate to be appropriate. (E) The extent to which methods (including advertising) in addition to those prescribed in subsection (b) may be used in giving notice of the sale. (F) Under what circumstances the Secretary or his delegate may adjourn the sale from time to time (but such adjournments shall not be for a period to exceed in all 1 month). (3) PAYMENT OF AMOUNT BID.—If payment in full is required at the time of acceptance of a bid and is not then and there paid, the Secretary or his delegate shall forthwith proceed to again sell the property in the manner provided in this subsection. If the conditions of the sale permit part of the payment to be deferred, and if such part is not paid within the prescribed period, suit may be instituted against the purchaser for the pm-chase price or such part thereof as has not been paid, together with interest at the rate of 6 percent per annum from the date of the sale; or, in the discretion of the Secretary or his delegate, the sale may be declared by the Secretary or his delegate to be null and void for failure to make full payment of the purchase price and the property may again be advertised and sold as provided in subsections (b) and (c) and this subsection. In the event of such readvertisement and sale any new purchaser shall receive such property or rights to property, free and clear of any claim or right of the former defaulting purchaser, of any nature whatsoever, and the amount paid upon the bid price by such defaulting purchaser shall be forfeited, (f) STAY OF SALE OF SEIZED PROPERTY PENDING T A X COURT DECISION.—

For restrictions on sale of seized property pending Tax Court decision, see section 6863(b)(3). SEC. 6336. SALE OF PERISHABLE GOODS. If the Secretary or his delegate determines that any property seized 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— (1) R E T U R N TO OWNER.—If the owner of the property can be readily found, the Secretary or his delegate shall give him notice § 6335(e)(2)

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