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26 U.S.C. § 7325 — Personal property valued at $100,000 or less
Federal law — U.S. Code and appendices · legal_authorities
In all cases of seizure of any goods, wares, or merchandise as being subject to forfeiture under any provision of this title which, in the opinion of the Secretary, are of the appraised value of $100,000 or less, the Secretary shall, except in cases otherwise provided, proceed as follows:
(1) **List and appraisement** — The Secretary shall cause a list containing a particular description of the goods, wares, or merchandise seized to be prepared in duplicate, and an appraisement thereof to be made by three sworn appraisers, to be selected by the Secretary who shall be respectable and disinterested citizens of the United States residing within the internal revenue district wherein the seizure was made. Such list and appraisement shall be properly attested by the Secretary and such appraisers. Each appraiser shall be allowed for his services such compensation as the Secretary shall by regulations prescribe, to be paid in the manner similar to that provided for other necessary charges incurred in collecting internal revenue.
(2) **Notice of seizure** — If such goods are found by such appraisers to be of the value of $100,000 or less, the Secretary shall publish a notice for 3 weeks, in some newspaper of the district where the seizure was made, describing the articles and stating the time, place, and cause of their seizure, and requiring any person claiming them to appear and make such claim within 30 days from the date of the first publication of such notice.
(3) **Execution of bond by claimant** — Any person claiming the goods, wares, or merchandise so seized, within the time specified in the notice, may file with the Secretary a claim, stating his interest in the articles seized, and may execute a bond to the United States in the penal sum of $2,500, conditioned that,
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Source file: Laws/federal/codes/united-states-code/title-26/section-7325-personal-property-valued-at-100-000-or-less--ea92ce174a.md
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Source location: Title 26, Chapter 75, § 7325; chapter-075-crimes-other-offenses-and-forfeitures.md
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In all cases of seizure of any goods, wares, or merchandise as being subject to forfeiture under any provision of this title which, in the opinion of the Secretary, are of the appraised value of $100,000 or less, the Secretary shall, except in cases otherwise provided, proceed as follows:
(1) **List and appraisement** — The Secretary shall cause a list containing a particular description of the goods, wares, or merchandise seized to be prepared in duplicate, and an appraisement thereof to be made by three sworn appraisers, to be selected by the Secretary who shall be respectable and disinterested citizens of the United States residing within the internal revenue district wherein the seizure was made. Such list and appraisement shall be properly attested by the Secretary and such appraisers. Each appraiser shall be allowed for his services such compensation as the Secretary shall by regulations prescribe, to be paid in the manner similar to that provided for other necessary charges incurred in collecting internal revenue.
(2) **Notice of seizure** — If such goods are found by such appraisers to be of the value of $100,000 or less, the Secretary shall publish a notice for 3 weeks, in some newspaper of the district where the seizure was made, describing the articles and stating the time, place, and cause of their seizure, and requiring any person claiming them to appear and make such claim within 30 days from the date of the first publication of such notice.
(3) **Execution of bond by claimant** — Any person claiming the goods, wares, or merchandise so seized, within the time specified in the notice, may file with the Secretary a claim, stating his interest in the articles seized, and may execute a bond to the United States in the penal sum of $2,500, conditioned that, in case of condemnation of the articles so seized, the obligors shall pay all the costs and expenses of the proceedings to obtain such condemnation; and upon the delivery of such bond to the Secretary, he shall transmit the same, with the duplicate list or description of the goods seized, to the United States attorney for the district, and such attorney shall proceed thereon in the ordinary manner prescribed by law.
(4) **Sale in absence of bond** — If no claim is interposed and no bond is given within the time above specified, the Secretary shall give reasonable notice of the sale of the goods, wares, or merchandise by publication, and, at the time and place specified in the notice, shall, unless otherwise provided by law, sell the articles so seized at public auction, or upon competitive bids, in accordance with such regulations as may be prescribed by the Secretary.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** There shall be allowed as a deduction any loss sustained during the taxable year and not compensated for by insurance or otherwise.
**(b) Amount of deduction** For purposes of subsection (a), the basis for determining the amount of the deduction for any loss shall be the adjusted basis provided in section 1011 for determining the loss from the sale or other disposition of property.
**(c) Limitation on losses of individuals** In the case of an individual, the deduction under subsection (a) shall be limited to—
(1) losses incurred in a trade or business;
(2) losses incurred in any transaction entered into for profit, though not connected with a trade or business; and
(3) except as provided in subsection (h), losses of property not connected with a trade or business or a transaction entered into for profit, if such losses arise from fire, storm, shipwreck, or other casualty, or from theft.
**(d) Wagering losses**
(1) **In general** — For purposes of losses from wagering transactions, the amount allowed as a deduction for any taxable year—
(A) shall be equal to 90 percent of the amount of such losses during such taxable year, and
(B) shall be allowed only to the extent of the gains from such transactions during such taxable year.
(2) **Special rule** — For purposes of paragraph (1), the term “losses from wagering transactions” includes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction.
**(e) Theft losses** For purposes of subsection (a), any loss arising from theft shall be treated as sustained during the taxable year in which the taxpayer discovers such loss.
**(f) Capital losses** Losses from sales or exchanges of capital assets shall be allowed only to the extent allowed in sections
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 165
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Extensions of time**
(1) For bond where time to pay tax or deficiency has been extended, see section 6165.
(2) For bond to stay collection of a jeopardy assessment, see section 6863.
(3) For bond to stay assessment and collection prior to review of a Tax Court decision, see section 7485.
(4) For a bond to stay collection of a penalty assessed under section 6672, see section 6672(b).
(5) For bond in case of an election to postpone payment of estate tax where the value of a reversionary or remainder interest is included in the gross estate, see section 6165.
**(b) Release of lien or seized property**
(1) For the release of the lien provided for in section 6325 by furnishing the Secretary a bond, see section 6325(a)(2).
(2) For bond to obtain release of perishable goods which have been seized under forfeiture proceeding, see section 7324(3).
(3) For bond to release perishable goods under levy, see section 6336.
(4) For bond executed by claimant of seized goods valued at $100,000 or less, see section 7325(3).
**(c) Miscellaneous**
(1) For bond as a condition precedent to the allowance of the credit for accrued foreign taxes, see section 905(c).
(2) For bonds relating to alcohol and tobacco taxes, see generally subtitle E.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 7103
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Rate of tax**
(1) **General** — There is hereby imposed on all distilled spirits produced in or imported into the United States a tax at the rate of $13.50 on each proof gallon and a proportionate tax at the like rate on all fractional parts of a proof gallon.
(2) **Products containing distilled spirits** — All products of distillation, by whatever name known, which contain distilled spirits, on which the tax imposed by law has not been paid, and any alcoholic ingredient added to such products, shall be considered and taxed as distilled spirits.
(3) **Wines containing more than 24 percent alcohol by volume** — Wines containing more than 24 percent of alcohol by volume shall be taxed as distilled spirits.
(4) **Distilled spirits withdrawn free of tax** — Any person who removes, sells, transports, or uses distilled spirits, withdrawn free of tax under section 5214(a) or section 7510, in violation of laws or regulations now or hereafter in force pertaining thereto, and all such distilled spirits shall be subject to all provisions of law relating to distilled spirits subject to tax, including those requiring payment of the tax thereon; and the person so removing, selling, transporting, or using the distilled spirits shall be required to pay such tax.
(5) **Denatured distilled spirits or articles** — Any person who produces, withdraws, sells, transports, or uses denatured distilled spirits or articles in violation of laws or regulations now or hereafter in force pertaining thereto, and all such denatured distilled spirits or articles shall be subject to all provisions of law pertaining to distilled spirits that are not denatured, including those requiring the payment of tax thereon; and the person so producing, withdrawing, selling, transporting, or using the dena
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 5001
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Federal law — U.S. Code and appendices · legal_authorities
Page 3869
TITLE 26—INTERNAL REVENUE CODE
[§ 7326
Pub. L. 85–866, title I, § 78, Sept. 2, 1958, 72 Stat.
1662; Pub. L. 94–455, title XIX, § 1906(b)(13)(A),
Oct. 4, 1976, 90 Stat. 1834.)
Editorial Notes
AMENDMENTS
1976—Pars. (1) to (4). Pub. L. 94–455 struck out ‘‘or his
delegate’’ after ‘‘Secretary’’ wherever appearing.
1958—Par. (3). Pub. L. 85–866 struck out ‘‘district’’ be-
fore ‘‘attorney’’.
Pub. L. 85–859 included property seized under section
7302 of this title.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1958 AMENDMENTS
Amendment by Pub. L. 85–866 effective Aug. 17, 1954,
see section 1(c)(2) of Pub. L. 85–866, set out as a note
under section 165 of this title.
Amendment by Pub. L. 85–859 effective Sept. 3, 1958,
see section 210(a)(1) of Pub. L. 85–859, set out as an Ef-
fective Date note under section 5001 of this title.
§ 7325. Personal property valued at $100,000 or
less
In all cases of seizure of any goods, wares, or
merchandise as being subject to forfeiture under
any provision of this title which, in the opinion
of the Secretary, are of the appraised value of
$100,000 or less, the Secretary shall, except in
cases otherwise provided, proceed as follows:
(1) List and appraisement
The Secretary shall cause a list containing a
particular description of the goods, wares, or
merchandise seized to be prepared in dupli-
cate, and an appraisement thereof to be made
by three sworn appraisers, to be selected by
the Secretary who shall be respectable and
disinterested citizens of the United States re-
siding within the internal revenue district
wherein the seizure was made. Such list and
appraisement shall be properly attested by the
Secretary and such appraisers. Each appraiser
shall be allowed for his services such com-
p
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 7325
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