110 HR 2883 IH: Fair Treatment for Precious Metals U.S. House of Representatives 2007-06-27 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 1st Session H. R. 2883 IN THE HOUSE OF REPRESENTATIVES June 27, 2007 Ms. Berkley (for herself, Mr. Porter, Mr. English of Pennsylvania, Mr. Cannon, Mr. Jones of North Carolina, Mr. Wilson of South Carolina, Mrs. Musgrave, and Mr. Dreier) 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 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.

1.

Short title

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

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, 2006.