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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: energyplay who wrote (64655)	7/9/2010 3:55:00 PM
From: RJA_	1 Recommendation Read Replies (1) \| Respond to of 217713

EP: Actually if you go back to the original article: numismaster.com You will find that the new reporting requirement applies to "property" as well as "wages". Therefore applies to all coins, of all metals, seashells, moon pies, cow dung etc. and to the world of things beyond coins... if your exchange is valued at USD 600 or more. Easily enforceable at coin dealers I would think. Not so easily enforceable elsewhere... but technically (the way I read it) if you go down to Home depot and buy a riding lawn mower, you owe them a 1099... and if you sell your used car to a car dealer, they owe you one. A total mess. Certainly will add to productivity. ________ ‘‘(h) APPLICATION TO CORPORATIONS. – Notwithstanding any regulation prescribed by the secretary before the date of the enactment of this subsection, for purposes of this section the term ‘person’ includes any corporation that is not an organization exempt from tax under section 501(a). ‘‘(i) REGULATIONS. – The secretary may prescribe such regulations and other guidance as may be appropriate or necessary to carry out the purposes of this section, including rules to prevent duplicative reporting of transactions.’’ (b) PAYMENTS FOR PROPERTY AND OTHER GROSS PROCEEDS. – Subsection (a) of section 6041 of the Internal Revenue Code of 1986 is amended – (1) by inserting ‘‘amounts in consideration for property,’’ after ‘‘wages,’’ (2) by inserting ‘‘gross proceeds,’’ after ‘‘emoluments, or other’’, and (3) by inserting ‘‘gross proceeds,’’ after ‘‘setting forth the amount of such.’’ The property section means that if B. Max Mehl was selling coins to another major dealer of that era, a 1099 would have to be issued. When he bought from the public, the same thing is also required. The “report” does not necessarily measure profit or loss, but it does show activity. The old exemption against corporations is also gone. If you buy or sell more than $600 of coins, or whatever, from, to or with a bullion dealer, for example, you have an obligation under the new law to issue 1099s.