Want to move your gold?

[Barron]

Received from a colleague:

If you have coins and bars that you***8217;d like to move out of the country, but don***8217;t want to deal with any logistics hassles, there is a firm in Texas named Dillon Gage that may be able to help. If you have a GoldMoney account, Dillon Gage is willing to receive your gold, assess its market value, and credit your GoldMoney account with an equal amount of bullion.

IRS Revenue Ruling 82-96 indicates that trading investment grade gold coins (your property) for investment grade gold bullion (bars in GoldMoney***8217;s vaults) is a ***8216;like kind exchange***8217;. This means that, according to Internal Revenue Code section 1031, there is no taxable event created.

In this capacity, you could do a tax-free exchange of your existing investment grade gold for gold in GoldMoney***8217;s vault using Dillon Gage as an intermediary.

Example: You have 45 ounces of gold US eagle coins and want to move them offshore. You ship them to Dillon Gage. Dillon Gage credits your GoldMoney account for the value of the coins. Since GoldMoney***8217;s vaults are overseas, your gold has been effectively transferred offshore.

As always, you should contact your tax advisor about this before taking these steps to get his/her final clearance.

[Barron]

Originally Posted by Barron

Received from a colleague:

If you have coins and bars that you’d like to move out of the country, but don’t want to deal with any logistics hassles, there is a firm in Texas named Dillon Gage that may be able to help. If you have a GoldMoney account, Dillon Gage is willing to receive your gold, assess its market value, and credit your GoldMoney account with an equal amount of bullion.

IRS Revenue Ruling 82-96 indicates that trading investment grade gold coins (your property) for investment grade gold bullion (bars in GoldMoney’s vaults) is a ‘like kind exchange’. This means that, according to Internal Revenue Code section 1031, there is no taxable event created.

In this capacity, you could do a tax-free exchange of your existing investment grade gold for gold in GoldMoney’s vault using Dillon Gage as an intermediary.

Example: You have 45 ounces of gold US eagle coins and want to move them offshore. You ship them to Dillon Gage. Dillon Gage credits your GoldMoney account for the value of the coins. Since GoldMoney’s vaults are overseas, your gold has been effectively transferred offshore.

As always, you should contact your tax advisor about this before taking these steps to get his/her final clearance.

Additional: Any like minded firm in the gold business can do the same, the above Co. is mentioned because it was noted in the information I received.