S.1367 - Fair Treatment for Precious Metals Investors Act
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.
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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.CommentsClose CommentsPermalink
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 FinanceCommentsClose CommentsPermalink
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.CommentsClose CommentsPermalink
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink
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--CommentsClose CommentsPermalink
(1) by striking ‘(as defined in section 408(m) without regard to paragraph (3) thereof)’ in subparagraph (A), andCommentsClose CommentsPermalink
‘(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.’.CommentsClose CommentsPermalink
(b) Effective Date- The amendments made by subsection (a) shall apply to taxable years beginning after December 31, 2009.CommentsClose CommentsPermalink
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U.S. Congress - Text of S.1367 as Introduced in Senate Fair Treatment for Precious Metals Investors Act
