Prohibited investments in “collectibles”
I can’t find any regulations interpreting the 408(m) treatment of investments in “collectibles” as distributions. Have a client that wants to buy gold bullion. Thanks
I can’t find any regulations interpreting the 408(m) treatment of investments in “collectibles” as distributions. Have a client that wants to buy gold bullion. Thanks
Permalink Submitted by mk foss on Wed, 2010-06-16 22:32
The 1998 Tax Act exempted bullion from the definition of collectibles as long as the bullion is in the physical possession of a trustee – and not the person self-directing the assets. See PLR 200217059 where a scheme proposed by a bank for handling bullion was rejected by IRS.