[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3047 Introduced in House (IH)]







104th CONGRESS
  2d Session
                                H. R. 3047

    To amend the Internal Revenue Code of 1986 to permit individual 
   retirement accounts and certain individually-directed accounts to 
 acquire gold, silver, platinum, or palladium bullion without treating 
                   the acquisition as a distribution.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 7, 1996

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

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                                 A BILL


 
    To amend the Internal Revenue Code of 1986 to permit individual 
   retirement accounts and certain individually-directed accounts to 
 acquire gold, silver, platinum, or palladium bullion without treating 
                   the acquisition as a distribution.

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

SECTION 1. BULLION NOT TREATED AS COLLECTIBLES.

    (a) In General.--Paragraph (3) of section 408(m) of the Internal 
Revenue Code of 1986 is amended to read as follows:
            ``(3) Exception for bullion.--For purposes of this 
        subsection, the term `collectible' shall not include any gold, 
        silver, platinum, or palladium bullion (whether fabricated in 
        the form of a coin or otherwise) of a fineness equal to or 
        exceeding the minimum fineness required for metals which may be 
        delivered in satisfaction of a regulated futures contract 
        subject to regulation by the Commodity Futures Trading 
        Commission under the Commodity Exchange Act, if such coin or 
        bullion is in the physical possession of a trustee described 
        under subsection (a) of this section.''
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 1995.
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