CERTAIN BULLION NOT TREATED AS COLLECTIBLES.

SEC. 304. CERTAIN BULLION NOT TREATED AS COLLECTIBLES. (a) In General.—Paragraph (3) of section 408(m) (relating to exception for certain coins) is amended to read as follows: “(3) Exception for certain coins and bullion.—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 7 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.”. (b) Effective Date.—The amendment made by this section shall apply to taxable years beginning after December 31, 1997.