[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2284 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 2284

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.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 29, 2021

  Mr. Mooney 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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Monetary Metals Tax Neutrality Act 
of 2021''.

SEC. 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:

               ``PART V--SALE OF CERTAIN COINS OR BULLION

``Sec. 1071. Sale of certain coins or bullion.

``SEC. 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, 2021.
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