H. R. 6790
IN THE HOUSE OF REPRESENTATIVES
September 12, 2018
Mr. Mooney of West Virginia (for himself and Mr. Labrador) introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to clarify that gain or loss on the sale or exchange of certain coins or bullion is exempt from recognition.
This Act may be cited as the
Monetary Metals Tax Neutrality Act of 2018.
Exemption from recognition of gain or loss from sale of certain coins or bullion
Subchapter O of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after part IV the following new part:
Sale of Certain Coins or Bullion
Sec. 1071. Sale of certain coins or bullion.
Sale of certain coins or bullion
No gain or loss shall be recognized on the sale or exchange of—
gold, silver, platinum, or palladium coins minted and issued by the Secretary at any time, or
refined gold or silver bullion, coins, bars, rounds, or ingots which are valued primarily based on their metal content and not their form.
The table of parts for subchapter O of chapter 1 of such Code is amended by inserting after the item relating to part IV the following new item:
Part V—Sale of Certain Coins or Bullion
The amendments made by this section shall apply to sales or exchanges after December 31, 2018.