Fair Treatment for Precious Metals Investors Act

Arizona Coin Collector

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Jun 30, 2009, 9:52:12 AM6/30/09

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Fair Treatment for Precious Metals Investors Act (Introduced in Senate)

S 1367 IS

111th CONGRESS

1st Session

S. 1367
To amend the Internal Revenue Code of 1986 to treat gold,
silver, platinum, and palladium, in either coin or bar
form, in the same manner as equities and mutual funds
for purposes of the maximum capital gains rate for
individuals.

IN THE SENATE OF THE UNITED STATES

June 25, 2009
Mr. CRAPO (for himself, Mr. REID, Mr. ENSIGN, and Mr. RISCH)
introduced the following bill; which was read twice and
referred to the Committee on Finance

------------------------------------------------------------

A BILL

To amend the Internal Revenue Code of 1986 to treat gold,
silver, platinum, and palladium, in either coin or bar
form, in the same manner as equities and mutual funds for
purposes of the maximum capital gains rate for individuals.

Be it enacted by the Senate and House of Representatives
of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Fair Treatment for Precious
Metals Investors Act'.

SEC. 2. GOLD, SILVER, PLATINUM, AND PALLADIUM TREATED IN
THE SAME MANNER AS STOCKS AND BONDS FOR MAXIMUM CAPITAL
GAINS RATE FOR INDIVIDUALS.

(a) In General- Section 1(h)(5) of the Internal Revenue
Code of 1986 (relating to definition of collectibles
gain and loss) is amended--

(1) by striking `(as defined in section 408(m) without
regard to paragraph (3) thereof)' in subparagraph
(A), and

(2) by adding at the end the following new subparagraph:

`(C) COLLECTIBLE- For purposes of this paragraph, the
term `collectible' has the meaning given such term by
section 408(m), except that in applying paragraph
(3)(B) thereof the determination of whether any bullion
is excluded from treatment as a collectible shall be
made without regard to the person who is in physical
possession of the bullion.'.

(b) Effective Date- The amendments made by subsection
(a) shall apply to taxable years beginning after
December 31, 2009.

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mazorj

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Jun 30, 2009, 10:36:47 AM6/30/09

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"Arizona Coin Collector" <nos...@nospam.com> wrote in message
news:UeWdnUhIreoahdfX...@earthlink.com...

>
> Fair Treatment for Precious Metals Investors Act (Introduced in Senate)
> S 1367 IS 111th CONGRESS
> 1st Session
>
> S. 1367
> To amend the Internal Revenue Code of 1986 to treat gold,
> silver, platinum, and palladium, in either coin or bar
> form, in the same manner as equities and mutual funds
> for purposes of the maximum capital gains rate for individuals.

That would be good news for items held more than one year. Of course, this
raises the question of how many collectors who aren't also traders or
dealers report the gains from selling their coins and bars.

Arizona Coin Collector

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Jul 1, 2009, 2:37:37 PM7/1/09

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"mazorj" <maz...@verizon.net> wrote in message
news:3qp2m.1819$9l4....@nwrddc01.gnilink.net...

The Bill is now getting attention. The link below has more detail
information on the bill.

http://coinlegislation.com/fair-treatment-for-precious-metals-investors-act/

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