- 24 -
C. Duty To Sell Seized Property
Petitioners argue that respondent had an obligation under
the seizure and sale provisions of the Code to sell the stock in
the nominee accounts. Petitioners contend that respondent’s
failure to sell the stock entitles them to a credit equal to the
value of the stock at the time it should have been sold.
In any case in which the Commissioner may levy upon property
or rights to property, he may seize and sell such property or
rights to property (whether real or personal, tangible or
intangible). Sec. 6331(b). As soon as practicable after seizure
of property, the Commissioner shall give notice of seizure and
sale to the owner of the property (or, in the case of personal
property, the possessor thereof), and shall give public notice of
the time, place, manner and conditions of sale. Sec. 6335(a) and
(b). The time of sale shall not be less than 10 days nor more
than 40 days from the time of giving public notice of sale. Sec.
6335(d).
Section 6335(b) does not say exactly how long the
Commissioner has between seizing property and publishing notice
of sale; it just says “as soon as practicable”. See Anderson v.
United States, 44 F.3d 795, 800 (9th Cir. 1995). Nonetheless, if
the owner believes that the Commissioner is taking longer than
necessary to sell seized property, the owner has the right to
request sale under section 6335(f). Id. “The request provision
Page: Previous 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 NextLast modified: May 25, 2011