Investment in collectibles treated as distributions

The acquisition by an individual retirement account or by an individually-directed account under a plan described in section 401(a) of any collectible shall be treated (for purposes of this section and section 402) as a distribution from such account in an amount equal to the cost to such account of such collectible.

For purposes of this subsection, the term “collectible” means—

(A) any work of art,

(B) any rug or antique,

(C) any metal or gem,

(D) any stamp or coin,

(E) any alcoholic beverage, or

(F) any other tangible personal property specified by the Secretary for purposes of this subsection.

For purposes of this subsection, the term “collectible” shall not include—

(A) any coin which is— (i) a gold coin described in paragraph (7), (8), (9), or (10) of section 5112(a) of title 31 , United States Code, (ii) a silver coin described in section 5112(e) of title 31 , United States Code, (iii) a platinum coin described in section 5112(k) of title 31 , United States Code, or (iv) a coin issued under the laws of any State, or

(B) any gold, silver, platinum, or palladium bullion of a fineness equal to or exceeding the minimum fineness that a contract market (as described in section 5 of the Commodity Exchange Act, 7 U.S.C. 7 ) requires for metals which may be delivered in satisfaction of a regulated futures contract,

if such bullion is in the physical possession of a trustee described under subsection (a) of this section. 1 1 So in original. Concluding provisions probably should be part of subpar. (B).