27 CFR 70.143 - Definitions.

§ 70.143 Definitions.

(a)Security interest -

(1)In general. The term security interest means any interest in property acquired by contract for the purpose of securing payment or performance of an obligation or indemnifying against loss or liability. A security interest exists ay any time:

(i) If, at such time, the property is in existence and the interest has become protected under local law against a subsequent judgment lien (as provided in paragraph (a)(2) of this section) arising out of an unsecured obligation; and

(ii) To the extent that, at such time, the holder has parted with money or money's worth (as defined in paragraph (a)(3) of this section). For purposes of paragraph (a)(1) of this section, a contract right (as defined in § 70.232(c)(2)(i) of this part) is in existence when the contract is made. An account receivable (as defined in § 70.232(c)(2)(ii) of this part) is in existence when, and to the extent, a right to payment is earned by performance. A security interest must be in existence, within the meaning of paragraph (a) of this section, at the time as of which its priority against a tax lien is determined. For example, to be afforded priority under the provisions of § 70.145(a) of this part, a security interest must be in existence within the meaning of paragraph (a) of this section before a notice of lien is filed.

(2)Protection against a subsequent judgment lien. For purposes of paragraph (a) of this section, a security interest is deemed to be protected against a subsequent judgment lien on:

(i) The date on which all actions required under local law to establish the priority of a security interest against a judgment lien have been taken, or

(ii) If later, the date on which all required actions are deemed effective, under local law, to establish the priority of the security interest against a judgment lien.

For purposes of paragraph (a)(2) of this section, the dates described in paragraphs (a)(2) (i) and (ii) of this section shall be determined without regard to any rule or principle of local law which permits the relation back or the making of any requisite action retroactive to a date earlier than the date on which the action is actually performed. For purposes of paragraph (a) of this section, a judgment lien is a lien held by a judgment lien creditor as defined in paragraph (g) of this section.

(3)Money or money's worth. For purposes of paragraph (a) of this section, the term “money or money's worth” includes money, a security (as defined in paragraph (d) of this section), tangible or intangible property, services, and other consideration reducible to a money value. Money or money's worth also includes any consideration which otherwise would constitute money or money's worth under the preceding sentence which was parted with before the security interest would otherwise exist if, under local law, past consideration is sufficient to support an agreement giving rise to a security interest. A relinquishing or promised relinquishment of dower, curtesy, or of a statutory estate created in lieu of dower or curtesy, or of other marital rights is not a consideration in money or money's worth. Nor is love and affection, promise of marriage, or any other consideration not reducible to a money value a consideration in money or money's worth.

(4)Holder of a security interest. For purposes of paragraph (a) of this section, the holder of a security interest is the person in whose favor there is a security interest. For provisions relating to the treatment of a purchaser of commercial financing security as a holder of a security interest, see § 70.232(e) of this part.

(b)Mechanic's lienor. The term mechanic's lienor means any person who under local law has a lien on real property (or on the proceeds of a contract relating to real property) for services, labor, or materials furnished in connection with the construction or improvement (including demolition) of the property. A mechanic's lienor is treated as having a lien on the later of:

(1) The date on which the mechanic's lien first becomes valid under local law against subsequent purchasers of the real property without actual notice, or

(2) The date on which the mechanic's lienor begins to furnish the services, labor, or materials.

(c)Motor vehicle.

(1) The term motor vehicle means a self-propelled vehicle which is registered for highway use under the laws of any State, the District of Columbia, or a foreign country.

(2) A motor vehicle is “registered for highway use” at the time of a sale if immediately prior to the sale it is so registered under the laws of any State, the District of Columbia, or a foreign country. Where immediately prior to the sale of a motor vehicle by a dealer, the dealer is permitted under local law to operate it under a dealer's tag, license, or permit issued to the dealer, the motor vehicle is considered to be registered for highway use in the name of the dealer at the time of the sale.

(d)Security. The term security means any bond, debenture, note, or certificate or other evidence of indebtedness, issued by a corporation or a government or political subdivision thereof, with interest coupons or in registered form, share of stock, voting trust certificate, or any certificate of interest or participation in, certificate of deposit or receipt for, temporary or interim certificate for, or warrant or right to subscribe to or purchase, any of the foregoing; negotiable instrument; or money.

(e)Tax lien filing. The term tax lien filing means the filing of notice of the lien imposed by 26 U.S.C. 6321 in accordance with § 70.148 of this part.

(f)Purchaser -

(1)In general. The term purchaser means a person who, for adequate and full consideration in money or money's worth (as defined in paragraph (f)(3) of this section), acquires an interest (other than a lien or security interest) in property which is valid under local law against subsequent purchasers without actual notice.

(2)Interest in property. For purposes of paragraph (f) of this section, each of the following interests is treated as an interest in property, if it is not a lien or security interest:

(i) A lease of property,

(ii) A written executory contract to purchase or lease property,

(iii) An option to purchase or lease property and any interest therein, or

(iv) An option to renew or extend a lease of property.

(3)Adequate and full consideration in money or money's worth. For purposes of paragraph (f) of this section, the term “adequate and full consideration in money or money's worth” means a consideration in money or money's worth having a reasonable relationship to the true value of the interest in property acquired. See paragraph (a)(3) of this section for definition of the term “money or money's worth.” Adequate and full consideration in money or money's worth may include the consideration in a bona fide bargain purchase. The term also includes the consideration in a transaction in which the purchaser has not completed performance of an obligation, such as the consideration in an installment purchase contract where the purchaser has not completed the installment payments.

(g)Judgment lien creditor. The term judgment lien creditor means a person who has obtained a valid judgment, in a court of record and of competent jurisdiction, for the recovery of specifically designated property or for a certain sum of money. In the case of a judgment for the recovery of a certain sum of money, a judgment lien creditor is a person who has perfected a lien under the judgment on the property involved. A judgment lien is not perfected until the identity of the lienor, the property subject to the lien, and the amount of the lien are established. Accordingly, a judgment lien does not include an attachment or garnishment lien until the lien has ripened into judgment, even though under local law the lien of the judgment relates back to an earlier date. If recording or docketing is necessary under local law before a judgment becomes effective against third parties acquiring liens on real property, a judgment lien under such local law is not perfected with respect to real property until the time of such recordation or docketing. If, under local law, levy or seizure is necessary before a judgment lien becomes effective against third parties acquiring liens on personal property, then a judgment lien under such local law is not perfected until levy or seizure of the personal property involved. The term “judgment” does not include the determination of a quasi-judicial body or of an individual acting in a quasi-judicial capacity such as the action of State taxing authorities.

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

United States Code

§ 4181 - Imposition of tax

§ 4182 - Exemptions

§ 5123 - Preservation and inspection of records, and entry of premises for inspection

§ 5203 - Entry and examination of premises

§ 5207 - Records and reports

§ 5275 - Records and reports

§ 5367 - Records

§ 5415 - Records and returns

§ 5504 - Operation

§ 5555 - Records, statements, and returns

§ 5684 - Penalties relating to the payment and collection of liquor taxes

§ 5741 - Records to be maintained

§ 5761 - Civil penalties

§ 5802 - Registration of importers, manufacturers, and dealers

§ 6020 - Returns prepared for or executed by Secretary

§ 6021 - Listing by Secretary of taxable objects owned by nonresidents of internal revenue districts

§ 6064 - Signature presumed authentic

§ 6102 - Computations on returns or other documents

§ 6155 - Payment on notice and demand

§ 6159 - Agreements for payment of tax liability in installments

§ 6201 - Assessment authority

§ 6203 - Method of assessment

§ 6204 - Supplemental assessments

§ 6301 - Collection authority

§ 6303 - Notice and demand for tax

§ 6311 - Payment of tax by commercially acceptable means

§ 6313 - Fractional parts of a cent

§ 6314 - Receipt for taxes

§ 6321 - Lien for taxes

§ 6323 - Validity and priority against certain persons

§ 6325 - Release of lien or discharge of property

§ 6326 - Administrative appeal of liens

§ 6331 - Levy and distraint

§ 6332 - Surrender of property subject to levy

§ 6333 - Production of books

§ 6334 - Property exempt from levy

§ 6335 - Sale of seized property

§ 6336 - Sale of perishable goods

§ 6337 - Redemption of property

§ 6338 - Certificate of sale; deed of real property

§ 6339 - Legal effect of certificate of sale of personal property and deed of real property

§ 6340 - Records of sale

§ 6341 - Expense of levy and sale

§ 6342 - Application of proceeds of levy

§ 6343 - Authority to release levy and return property

§ 6401 - Amounts treated as overpayments

§ 6402 - Authority to make credits or refunds

§ 6403 - Overpayment of installment

§ 6404 - Abatements

§ 6407 - Date of allowance of refund or credit

§ 6416 - Certain taxes on sales and services

§ 6423 - Conditions to allowance in the case of alcohol and tobacco taxes

§ 6501 - Limitations on assessment and collection

§ 6502 - Collection after assessment

§ 6503 - Suspension of running of period of limitation

§ 6511 - Limitations on credit or refund

§ 6513 - Time return deemed filed and tax considered paid

§ 6514 - Credits or refunds after period of limitation

§ 6532 - Periods of limitation on suits

§ 6601 - Interest on underpayment, nonpayment, or extensions of time for payment, of tax

§ 6602 - Interest on erroneous refund recoverable by suit

§ 6611 - Interest on overpayments

§ 6621 - Determination of rate of interest

§ 6622 - Interest compounded daily

§ 6651 - Failure to file tax return or to pay tax

§ 6653 - Failure to pay stamp tax

§ 6656 - Failure to make deposit of taxes

§ 6657 - Bad checks

§ 6658 - Coordination with title 11

§ 6665 - Applicable rules

§ 6671 - Rules for application of assessable penalties

§ 6672 - Failure to collect and pay over tax, or attempt to evade or defeat tax

§ 6701 - Penalties for aiding and abetting understatement of tax liability

§ 6723 - Failure to comply with other information reporting requirements

§ 6801 - Authority for establishment, alteration, and distribution

§ 6862 - Jeopardy assessment of taxes other than income, estate, gift, and certain excise taxes

§ 6863 - Stay of collection of jeopardy assessments

§ 6901 - Transferred assets

§ 7011 - Registration—persons paying a special tax

§ 7101 - Form of bonds

§ 7102 - Single bond in lieu of multiple bonds

§ 7121 - Closing agreements

§ 7122 - Compromises

§ 7207 - Fraudulent returns, statements, or other documents

§ 7209 - Unauthorized use or sale of stamps

§ 7214 - Offenses by officers and employees of the United States

§ 7304 - Penalty for fraudulently claiming drawback

§ 7401 - Authorization

§ 7403 - Action to enforce lien or to subject property to payment of tax

§ 7406 - Disposition of judgments and moneys recovered

§ 7423 - Repayments to officers or employees

§ 7424 - Intervention

§ 7425 - Discharge of liens

§ 7426 - Civil actions by persons other than taxpayers

§ 7429 - Review of jeopardy levy or assessment procedures

§ 7430 - Awarding of costs and certain fees

§ 7432 - Civil damages for failure to release lien

§ 7502 - Timely mailing treated as timely filing and paying

§ 7503 - Time for performance of acts where last day falls on Saturday, Sunday, or legal holiday

§ 7505 - Sale of personal property acquired by the United States

§ 7506 - Administration of real estate acquired by the United States

§ 7513 - Reproduction of returns and other documents

§ 7601 - Canvass of districts for taxable persons and objects

§ 7602 - Examination of books and witnesses

§ 7603 - Service of summons

§ 7604 - Enforcement of summons

§ 7605 - Time and place of examination

§ 7606 - Entry of premises for examination of taxable objects

§ 7608 - Authority of internal revenue enforcement officers

§ 7609 - Special procedures for third-party summonses

§ 7610 - Fees and costs for witnesses

§ 7622 - Authority to administer oaths and certify

§ 7623 - Expenses of detection of underpayments and fraud, etc.

§ 7653 - Shipments from the United States

§ 7805 - Rules and regulations

Title 27 published on 05-Jun-2018 04:13

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 27 CFR Part 70 after this date.

  • 2015-09-15; vol. 80 # 178 - Tuesday, September 15, 2015
    1. 80 FR 55246 - Return of Wine to Bonded Premises
      GPO FDSys XML | Text
      DEPARTMENT OF THE TREASURY, Alcohol and Tobacco Tax and Trade Bureau
      Final rule; Treasury decision.
      This rule is effective on October 15, 2015.
      27 CFR Parts 24 and 70