Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2016
 

BTLG Table of Contents > Sales and Use Tax Annotations > C > 168.0000 Coins And Bullion > Annotation 168.0200

Sales and Use Tax Annotations


A    B    C    D    E    F    G    H    I    J    L    M    N    O    P    R    S    T    U    V    W    X   

C

168.0000 COINS AND BULLION—Regulation 1599

Annotation 168.0200

(b) BULLION

168.0200 Monetized Bullion. Several questions are asked relating to the section 6355 exemption on monetized bullion sold in a single transaction to total $1,000 or more in face amount.

(1) The purchase of a bag of silver having a face amount of $1,000 combined with 100 Mexican 50 Pesos is a nontaxable sale.

(2) Post-1970 clad coins are not considered monetized bullion since their primary purpose is as a medium of exchange.

(3) The purchase of two or more dissimilar coins on the same date is considered a single transaction if included in the original purchase contract.

(4) The delivery of coins at a single time but purchased under separate sales contracts is not considered a single transaction for the purposes of section 6355. Separate sales contracts constitute separate transactions notwithstanding one element of each execution occurring on the same day. Each transaction must have a face amount of $1,000 to be a bulk sale. 7/11/74.