The IRA Bill for Certified Coins

ira_bill_for_certified_coins

 

105th CONGRESS 2d Session S. 1980

To amend the Internal Revenue Code of 1986 to allow certain coins to be acquired by individual retirement accounts and other individually directed pension plan accounts.

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April 23, 1998 IN THE SENATE OF THE UNITED STATES

Mr. Breaux introduced the following bill; which was read twice and referred to the Committee on Finance

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A BILL

To amend the Internal Revenue Code of 1986 to allow certain coins to be acquired by individual retirement accounts and other individually directed pension plan accounts.

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

SECTION 1. CERTAIN COINS NOT TREATED AS COLLECTIBLES.
(a) In General.–Subparagraph (A) of section 408(m)(3) of the Internal Revenue Code of 1986 (relating to exception for certain coins and bullion) is amended to read as follows:
“(A) any coin certified by a recognized grading service and traded on a nationally recognized electronic network, or listed by a recognized wholesale reporting service, and–
“(i) which is or was at any time legal tender in the United States, or
“(ii) issued under the laws of any State, and”.
(b) Effective Date.–The amendment made by this section shall apply to taxable years beginning after December 31, 1997.

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