You must now report purchases of coins to the IRS

[Prometheus]

Soooo just buy gold at $500 a pop and call it a day. I don't see much of a problem here that does not have an easy way around it......

You must have missed the part where gold is $1,200 and ounce. Thats going to rule out most coins, such as the classic Kruggerand.

Completely. I don't see much of a problem with one-gun-a-month purchases and guilty-until-proven innocent background checks either. Or being required to carry around a pink card to exercise my God-given right of self defense and protection of property.

"Reasonable" restrictions on our liberties are just that, right?

^^^^ This

 

[Waynetucky10]

I can foresee a lot of 500.00 transactions.

 

[CarmelHP]

I don't see this applying to purchases by individuals. If you sell it, then the dealer has to send you a 1099, which is misc. income reporting, but I don't see any requirement for a 1099 of sales by a coin/bullion dealer. The section cited deals with requirements for a reporting corporate entity.

 

[E5RANGER375]

why doesnt BHO just go ahead and declare himself king. then we can go ahead and get this party started!