Number›Inventory Control Main Menu
Inventory - Seized Property and Collateral (Open and Close)
Internal Revenue Manual Part 3. Submission Processing · 2026-10-03 edition · updated 2026-10-04 · United States
These journals are used to record the value of seized property and collateral inventory. The same journals will be used for closing the records. Each category is a separate selection from the Inventory Control Main Menu. Reference IRM 3.17.63.13.1, Seized Property and IRM 3.17.63.13.3, Collateral.
These are the valid accounts for Seized Property Open (journal #320).
Account Number
DR/CR
Account Name
3300
Debit
Seized Property
4980
Credit
Liability for Inventory Accounts
These are the valid accounts for Seized Property Closed (journal #321).
Account Number
DR/CR
Account Name
4980
Debit
Liability for Inventory Accounts
3300
Credit
Seized Property
These are the valid accounts for Seized Property Open & Close (journal #322).
Account Number
DR/CR
Account Name
3300
Debit
Seized Property
4980
Debit
Liability for Inventory Accounts
3300
Credit
Seized Property
4980
Credit
Liability for Inventory Accounts
These are the valid accounts for Collateral Open (journal #323).
Account Number
DR/CR
Account Name
3200
Debit
Collateral Held
4980
Credit
Liability for Inventory Accounts
These are the valid accounts for Collateral Closed (journal #324).
Account Number
DR/CR
Account Name
4980
Debit
Liability for Inventory Accounts
3200
Credit
Collateral Held
These are the valid accounts for Collateral Open & Closed (journal #325).
Account Number
DR/CR
Account Name
3200
Debit
Collateral Held
4980
Debit
Liability for Inventory Accounts
3200
Credit
Collateral Held
4980
Credit
Liability for Inventory Accounts
Get a plain-English answer with a citation back to this text.
Ask AI about this code