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Code of Federal Regulations Title 26. Internal Revenue § 26.403.5 Meaning of terms

Current as of January 02, 2025 | Updated by Findlaw Staff

As used in this part, and unless the context otherwise requires, the following terms shall have the meanings set forth in this section. In this part words in the plural form shall include the singular, and vice versa, and words importing the masculine gender shall include the feminine. The terms “includes” and “including” do not exclude things not enumerated which are in the same general class.

(a) Appraised value.The value placed upon seized property by the appraisers pursuant to § 403.26(a)(2) for the purpose of determining whether the property may be forfeited administratively.

(b) Equity. For purposes of subpart D of this part, the petitioner's interest in the subject personal property at the time of final administrative action on the petition, but not including:

(1) Any unearned finance charges accruing from the later of the date of seizure or the date of default;

(2) any amount rebatable on account of paid insurance premiums;

(3) attorney's fees for collection;

(4) any amount identified as dealer's reserve;  or

(5) any amount in the nature of liquidated damages that may have been agreed upon by the buyer and the petitioner.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 26. Internal Revenue § 26.403.5 Meaning of terms - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-26-internal-revenue/cfr-sect-26-403-5/

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