West Virginia Code 11-15-9r – Exemption for precious metals
(a) Notwithstanding any provision of this code to the contrary, the sale of investment metal bullion or investment coins as defined in subsections (b) and (c) of this section are exempted from the taxes imposed by this article and § 11-15A-1 et seq. of this code.
Terms Used In West Virginia Code 11-15-9r
- 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.
- including: when used in a definition contained in this article, does not exclude other things otherwise within the meaning of the term being defined. See West Virginia Code 11-15-2
- Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
- Value: means in the case of any document not a gift, the amount of the full actual consideration for the document, paid or to be paid, including the amount of any lien or liens assumed. See West Virginia Code 11-22-1
(b) “Investment metal bullion” means any elementary precious metal which has been put through a process of smelting or refining, including gold, silver, platinum, and palladium, and which is in such a state or condition that its value depends upon its content and not its form. “Investment metal bullion” does not include precious metal which has been assembled, fabricated, manufactured, or processed in one or more industrial, professional, aesthetic, or artistic uses.
(c) “Investment coins” means numismatic coins or other forms of money and legal tender manufactured of gold, silver, platinum, palladium, or other metal and of the United States or any foreign nation with a fair market value greater than any nominal value of such coins. “Investment coins” does not include jewelry or works of art made of coins, nor does it include commemorative medallions.