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Billno should always have and extension i.e. h1.ih

HR 3047 IH

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.

March 7, 1996

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

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.