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H.R. 6790 (115th): Monetary Metals Tax Neutrality Act of 2018

The text of the bill below is as of Sep 12, 2018 (Introduced).


I

115th CONGRESS

2d Session

H. R. 6790

IN THE HOUSE OF REPRESENTATIVES

September 12, 2018

(for himself and Mr. Labrador) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

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.

1.

Short title

This Act may be cited as the Monetary Metals Tax Neutrality Act of 2018.

2.

Exemption from recognition of gain or loss from sale of certain coins or bullion

(a)

In general

Subchapter O of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after part IV the following new part:

V

Sale of Certain Coins or Bullion

Sec. 1071. Sale of certain coins or bullion.

1071.

Sale of certain coins or bullion

No gain or loss shall be recognized on the sale or exchange of—

(1)

gold, silver, platinum, or palladium coins minted and issued by the Secretary at any time, or

(2)

refined gold or silver bullion, coins, bars, rounds, or ingots which are valued primarily based on their metal content and not their form.

.

(b)

Clerical amendment

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

.

(c)

Effective date

The amendments made by this section shall apply to sales or exchanges after December 31, 2018.