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<PRE>[DOCID: f:s1405is.txt]






107th CONGRESS
  1st Session
                                S. 1405

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.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 5, 2001

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

_______________________________________________________________________

                                 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.--Section 408(m)(3) of the Internal Revenue Code of 
1986 (relating to exception for certain coins and bullion) is amended--
            (1) by inserting after clause (iv) in subparagraph (A) the 
        following new clause:
                            ``(v) any coin certified by a recognized 
                        grading service and either traded on a 
                        nationally recognized electronic network or 
                        listed by a recognized wholesale reporting 
                        service, and which is or was at any time legal 
                        tender in the United States, or'', and
            (2) by striking ``such bullion'' in the matter following 
        subparagraph (B) and inserting ``such coin or bullion (in 
        either coin or bar form)''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2001.
                                 &lt;all&gt;

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