CH. 64—COLLECTION
789
SEC. 6340 RECORDS OF SALE. (a) REQUIREMENT. — The Secretary o r h i s d e l e g a t e shall, for each i n t e r n a l r e v e n u e district, k e e p a record of all sales of real property under section 6335 and of r e d e m p t i o n s of such property. The record shall s e t forth the tax for which any such sale w a s m a d e, the dates of seizure and sale, the n a m e of the party assessed and all proceedings in making such sale, the a m o u n t of expenses, the n a m e s of the purchase r s, and the date of the deed. (b) C O P Y AS E VI D E N C E. — A c o p y of such record, or any part thereof, certified by the Secretary o r h i s delegate shall b e evidence i n any c o u r t of the t r u t h of the facts therein s t a t e d. SEC. 6341. EXPENSE OF LEVY AND SALE. The Secretary or h i s delegate shall determine the expenses to b e allowed i n all cases of l e v y and sale. SEC. 6342. APPLICATION OF PROCEEDS OF LEVY. (a) C O L L E C T I O N OF L I A B I L I T Y. — Any m o n e y realized by
proceed-
ings under this subchapter ( w h e the r by seizure, by s u r r e n d e r under section 6332, o r by sale of seized property) shall b e applied a s follows: (1) E X P E N S E OF L E V Y A N D S A L E. — F i r s t, a g a i n s t the e x p e n s e s of
the proceedings under this subchapter; (2) S P E C I F I C T A X L I A B I L I T Y O N S E I Z E D PROPERTY. — I f the p r o p -
e r t y seized and sold is subject to a tax i m p o s e d by any i n t e r n a l r e v e n u e law which has not b e e n paid, the a m o u n t r e m a i n i n g after a p p l y i n g paragraph (1) shall the n b e applied a g a i n s t s u c h tax liability ( and, if such tax w a s not previously assessed, it shall the n b e assessed); (3) L I A B I L I T Y OF D E L I N Q U E N T T A X P A Y E R. — The a m o u n t, if any,
r e m a i n i n g after a p p l y i n g paragraph s (1) and (2) shall the n b e a p p h e d a g a i n s t the liability i n respect of which the l e v y w a s m a d e. (b) S U R P L U S P R O C E E D S. — Any s u r p l u s proceeds r e m a i n i n g after the application of subsection (a) shall, upon application and s a t i s f a c to r y proof i n s u p p o r t thereof, b e credited o r refunded by the Secretary o r his delegate to the person o r persons legally entitled thereto. SEC. 6343. AUTHORITY TO RELEASE LEVY. I t shall b e lawful for the Secretary o r his delegate, under r e g u l a t i o n s prescribed by the Secretary o r h i s delegate, to release the l e v y upon all or part of the property o r r i g h t s to property levied upon w h e r e the Secretary o r h i s d e l e g a t e determine s that such a c t i o n will facilitate the collection of the liability, b u t such release shall not o p e r a t e to p r e v e n t any s u b s e q u e n t levy. SEC. 6344. CROSS REFERENCES. (a) L E N G T H OF P E R I O D. —
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For period within which levy may be begun in case of— (1) Income, estate, and gift taxes, see sections 6502(a) and 6503 (a)(1). (2) Employment and miscellaneous excise taxes, see section 6502(a).
8 6344(a)(2)
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