28.120—Transfers of property.
If a recipient sells or otherwise transfers
property financed in whole or in part with Federal
financial assistance to a transferee that operates
any education program or activity, and the Federal
share of the fair market value of the property is
not upon such sale or transfer properly accounted
for to the Federal Government, both the transferor
and the transferee shall be deemed to be
recipients, subject to the provisions of §§ 28.205
through 28.235(a).