Recovery from seized assets: Assessing Officer may apply seized or requisitioned property to discharge tax liabilities under the Code.

Assessing Officers may recover aggregate tax liabilities from assets seized or requisitioned; aggregate liability includes existing liabilities at search, liabilities determined thereafter up to assessment completion, liabilities on completion, and liabilities determined after completion until asset release. Non-cash assets are deemed under distraint and recovered per the Fifth Schedule; cash may be applied directly to liabilities. Officers may release non-cash assets pre-assessment if a deposit equal to value is made and approved by the Commissioner, and remaining assets or proceeds must be released after liabilities are discharged under prescribed conditions.

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