[Code of Federal Regulations]
[Title 41, Volume 3]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 41CFR102-39.70]

[Page 118-119]
 
           TITLE 41--PUBLIC CONTRACTS AND PROPERTY MANAGEMENT
 
               CHAPTER 102--FEDERAL MANAGEMENT REGULATION
 
PART 102-39--REPLACEMENT OF PERSONAL PROPERTY PURSUANT TO THE EXCHANGE/SALE AUTHORITY--Table of Contents
 
              Subpart C--Exchange/Sale Methods and Reports
 
Sec. 102-39.70  What are the accounting requirements for the proceeds of sale?

    You must account for sales proceeds in accordance with the general 
finance

[[Page 119]]

and accounting rules applicable to you. Except as otherwise directed by 
law, all proceeds from the sale of personal property under this part 
will be available during the fiscal year in which the property was sold 
and for one fiscal year thereafter for obligation for the purchase of 
replacement property. Any sales proceeds not applied to replacement 
purchases during this time must be deposited in the United States 
Treasury as miscellaneous receipts.