ICTA - Your Industry Watchdog | News
Confused Over Proposed Tax Legislation and Like-Kind Exchanges?

Capitol HillThere is misinformation floating out around the dealer community intermingling “like-kind exchanges” and three different sections of the tax code (1031, 1099-b and bartering).

The Industry Council for Tangible Assets has produced a white paper which goes into detail providing a comprehensive explanation of each section of the tax code. The purpose of the paper is to try and make it as simple as possible to understand.

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U.S. Mint’s Response to Members of Congress Lacks Commitment

U.S. Mint Headquarters, Washington, DCActing Deputy Director of the U.S. Mint David Motl’s Nov. 17 response to an Oct. 27 letter from U.S. Representatives Frank Lucas (R-OK) and Alex Mooney (R-WV) requesting information regarding the Mint’s efforts to combat the rising tide of counterfeit coins entering the United States lacks commitment.

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Tax Bill Make Changes to the Taxation of “Like-Kind” Exchanges

Congress is preparing to make changes to the taxation of “like-kind” exchanges that may effect you and your clients

The US House and Senate have included in their tax bills revisions to the treatment of like-kind exchanges that will affect some coin and currency dealers and their clients. Dealers and clients who engage in such exchanges will face significant consequences if Congress adopts these revisions to Section 1031 of the US tax code. The Industry Council for Tangible Assets recommends you assess the effects of these revisions if you engage in like-kind exchanges.

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ACTF Reorganizes Research Group, Adds Three Work Groups

$100 BillThe Industry Council for Tangible Assets’ Anti-Counterfeiting Task Force has reorganized one of its original work groups and added three new groups since its early August meeting prior to the World’s Fair of Money in Denver. Additionally, new members have joined the Steering Committee and work groups.

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Minnesota Man Charged with Felony for Selling Counterfeit Coins

A genuine 2014 American Eagle Gold one-ounce uncirculated coin. (United States Mint image.)A 28-year-old man from Waite Park, Minn., on Sept. 25 is expected to respond to a felony charge for theft-by-swindle stemming from selling counterfeit coins to three pawn shops in the greater Minneapolis area.

Eric Michael Johnson, identified in a complaint filed July 31 in Minnesota’s 7th Judicial District Court located in Stearns County, could face a maximum sentence of five years imprisonment and/or a fine of $10,000.

Johnson was arrested Feb. 27, 2017, by Minnesota Department of Commerce Special Agent Joseph K. Boche in the Pawn America shop located in Anoka, Minn.

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