xReindeer
Junior Member
- Joined
- Oct 31, 2013
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- Thai
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- Thailand
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- Thailand
The sentence is in the Internal Revenue Manual (the part of levy and seizure)
The Service must seize tangible property to effect a levy upon the property. That is, the taxpayer’s property must be reduced to possession and control (actual or constructive).
What does it mean by the word 'reduced to possession and control'? Does this mean the taxpayer is compelled to have less possession and control over his property?
Thanks in advance
The Service must seize tangible property to effect a levy upon the property. That is, the taxpayer’s property must be reduced to possession and control (actual or constructive).
What does it mean by the word 'reduced to possession and control'? Does this mean the taxpayer is compelled to have less possession and control over his property?
Thanks in advance