(1) The
Commissioner or his delegate may release the levy upon either all or part of
the property or rights to property levied upon where the Commissioner or his
delegate determines that such action will facilitate the collection of the
liability. Such a release shall not operate to prevent any subsequent levy upon
the same or other property of the delinquent taxpayer.
(2) A levy may be released under the
provisions of T.C.A. §
67-1-1427 only if the delinquent
taxpayer complies with such of the conditions thereunder as the Commissioner or
his delegate may require.
(3) The
Commissioner or his delegate may release the levy as authorized hereunder if
any one or more of the - following arrangements are made or circumstances are
found to exist:
(a) The delinquent taxpayer
offers, and there is accepted by the Commissioner or his delegate, a
satisfactory arrangement placing property in escrow to secure the payment of
the liability (including the expenses of levy) which is the basis of the
levy.
(b) The delinquent taxpayer
delivers an acceptable bond to the Commissioner or his delegate conditioned
upon the payment of the liability (including the expenses of levy) which is the
basis of the law.
(c) The
delinquent taxpayer or any other person having an interest in the property
levied upon pays to the Commissioner or his delegate an amount determined by
him to be equal to the interest of the state in the seized property or the part
of the seized property to be released.
(d) The delinquent tax payer executes an
agreement directing his employer to pay to the Commissioner or his delegate
amounts deducted from the employee's salaries or wages on a regular,
continuing, or periodic basis, in such manner and in such amount as is agreed
upon with the Commissioner or his delegate, until the full amount of the tax
liability is satisfied, and such agreement is accepted by the
employer.
(e) The delinquent
taxpayer makes satisfactory arrangements with the Commissioner or his delegate
to pay the amount of the tax liability in installments.
(f) The delinquent taxpayer executes an
agreement to extend the statute of limitations on the collection of
taxes.
(g) The Commissioner or his
delegate may release the levy if he determines that the value of the interest
of the state in the seized property, or in the part of the seized property to
be released is insufficient to cover the expenses of the sale of such property
to be released, is insufficient to cover the expenses of the sale of such
property and such action will facilitate the collection of the liability to the
extent that the incurrence of additional liability is thereby
avoided.
