Question

Due to population change, Goose Creek School District has decided to close one of its high schools. Since it has no further need of the property, the school is listed for sale. The two bids it receives are as follows: United Methodist Church $1,700,000 Planet Motors 1,600,000 The United Methodist Church would use the property to establish a sectarian middle school. Planet, a well-known car dealership, would revamp the property and operate it as a branch location.

What are Treasury Department Regulations?

Answer 1

We must follow the following regulations of this part when selling a property -

1. Materials acquired for the national stockpile or supplemental stockpile, or materials or equipment acquired under section 303 of the Defense Production Act of 1950, as amended (50 U.S.C. App. 2093) are excepted from this part;
   
2. The Maritime Administration, Department of Transportation, has jurisdiction over the disposal of vessels of 1,500 gross tons or more and determined by the Secretary to be merchant vessels or capable of conversion to merchant use;
   
3. Sales made by the Secretary of Defense pursuant to 10 U.S.C. 2576 (Sale of Surplus Military Equipment to State and Local Law Enforcement and Firefighting Agencies) are exempt from these provisions; and
   
4. Foreign excess personal property is exempt from these provisions.

FORMS OF PAYMENT:

Forms of payment are cash, cashier's check, or credit card (Visa, MasterCard, and Discover), where acceptable by the Government. Photo identification of the registered bidder must be presented to initiate the payment process. Payment for each lot must be made by the successful registered bidder for that specific lot. Cashier's Checks must be made payable to the U.S. Treasury/VSE Corporation. Personal or business checks, bank letters, or letters of credit are not acceptable. All cash payments of $10,000 or more will be reported to the IRS in accordance with 26 USC 6050 Section I (d). In order to comply with this requirement, bidder must provide their Social Security Number or Federal ID number if a business, along with date of birth at the time of payment in order for completion of IRS Form 8300. Acceptance of credit cards is subject to verification and approval by the issuing institution. Credit cards issued in the name of the registered bidder or the company he/she represents are the only cards that will be accepted for payments. Each credit card receipt must be signed by the original cardholder. Credit cards issued to a Purchaser’s spouse or in another individual’s name will not be accepted for use by the Purchaser. The Purchaser agrees to the publication of his/her/company registered name, lot number, lot description and purchase price on the U.S. Department of Treasury auction website. Electronic Freedom of Information Act Amendments of 1996 (5 U.S.C. 552 (2000)).

APPLICABLE TAXES:

All purchasers are responsible for the payment of any and all applicable taxes imposed by any state, country, county, or political subdivision. The Purchasers may be required to pay such taxes to the cashiers at time of sale or to tax officials after purchase is made. If sales taxes are required, presentation of proof of payment will be required prior to property release.