SALE OF PROPERTY ACQUIRED BY UNITED STATES.

SEC. 111. SALE OF PROPERTY ACQUIRED BY UNITED STATES. (a) Personal Property Acquired.—Section 7505(a) (relating to sale of personal property purchased by the United States) is amended by striking out “purchased by the United States under the authority of section 6335(e) (relating to purchase for the account of the United States of property sold under levy)” and inserting in lieu thereof “acquired by the United States in payment of or as security for debts arising under the internal revenue laws”. (b) Real Property Redeemed.—Section 7506(a) (relating to person charged with administration of real estate acquired by the United States) is amended by striking out “for the payment of such debts,” and inserting in lieu thereof “for the payment of such debts, or which has been redeemed by the United States,”. (c) Clerical Amendments.— (1) The heading of section 7505 is amended by striking out ‘“PURCHASED” and inserting in lieu thereof “ACQUIRED”; (2) The table of sections for chapter 77 is amended by striking out “Sec. 7505. Sale of personal property purchased by the United States.”. and inserting in lieu thereof “Sec. 7505. Sale of personal property acquired by the United States.”.