Michigan Laws 205.54s – Sale of investment coins and bullion; exemptions; definitions
Current as of: 2023 | Check for updates
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(1) A sale of investment coins and bullion is exempt from the tax under this act.
(2) As used in this section:
Terms Used In Michigan Laws 205.54s
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
- Tax: includes a tax, interest, or penalty levied under this act. See Michigan Laws 205.51
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
(a) “Bullion” means gold, silver, or platinum in a bulk state, where its value depends on its content rather than its form, with a purity of not less than 900 parts per 1,000.
(b) “Investment coins” means numismatic coins or other forms of money and legal tender manufactured of gold, silver, platinum, palladium, or other metal and issued by the United States government or a foreign government with a fair market value greater than the face value of the coins.