FUND FOR REDEMPTION OF REAL PROPERTY BY UNITED STATES.

SEC. 112. FUND FOR REDEMPTION OF REAL PROPERTY BY UNITED STATES. (a) Creation of Fund for Redemption of Real Property.—Subchapter A of chapter 80 (relating to application of internal revenue laws) is amended by adding at the end thereof the following new section: “SEC. 7810. REVOLVING FUND FOR REDEMPTION OF REAL PROPERTY. “(a) Establishment of Fund.—There is established a revolving fund, under the control of the Secretary or his delegate, which shall be available without fiscal year limitation for all expenses necessary for the redemption (by the Secretary or his delegate) of real property 80 Stat. 1146as provided in section 7425(d) and section 2410 of title 28 of the United States Code. There are authorized to be appropriated from time to time such sums (not to exceed $1,000,000 in the aggregate) as may be necessary to carry out the purposes of this section. “(b) Reimbursement of Fund.—The fund shall be reimbursed from the proceeds of a subsequent sale of real property redeemed by the United States in an amount equal to the amount expended out of such fund for such redemption. “(c) System of Accounts.—The Secretary or his delegate shall maintain an adequate system of accounts for such fund and prepare annual reports on the basis of such accounts.” (b) Deposit of Money Received.—Section 7809 (relating to deposit of collections) is amended by striking out “and 7654,” in subsection (a) and inserting in lieu thereof “7654, and 7810,”; and by amending subsection (b)— (1) by striking out “and” at the end of paragraph (2), (2) by striking out the period at the end of paragraph (3) and inserting in lieu thereof “; and”, and (3) by inserting after paragraph (3) the following new paragraph: “(4) Surplus proceeds in sales of redeemed property.—Surplus proceeds in any sale under section 7506 of real property redeemed by the United States, after making allowance for the amount of the tax, interest, penalties, and additions thereto, and for the costs of sale.” (c) Clerical Amendment.—The table of sections for subchapter A of chapter 80 is amended by adding at the end thereof the following: “Sec. 7810. Revolving fund for redemption of real property.”.