Okla. Admin. Code § 710:65-13-95

Current through Vol. 42, No. 7, December 16, 2024

Section 710:65-13-95 - Exemption for sales of gold, silver, platinum, palladium or other bullion items

(a)General provisions. The saleof gold, silver, platinum, palladium or other bullion items such as coins and bars and legal tender of any nation, which legal tender is sold according to its value as precious metal or as an investment is exempt . "Bullion" for purposes of this Section means any precious metal, including, but not limited to, gold, silver, platinum and palladium, that is in such a state or condition that its value depends upon its precious metal content and not its form.

(b)Eligibility. Transactions eligible for the exemption outlined in subsection (a) of this Section include:

(1) Sales of gold, silver, platinum or palladium in the form of coins, bars, ingots, blanks, rounds, and medallions.

(2) Sales of bullion that is or was at one time used as currency or a medium of exchange in the United States or a foreign country when:

(A) sold for an amount based on its value as a precious metal or

(B) sold or purchased as an investment.

(c)Exclusions. The exemption outlined in Subsection (a) does not apply to the following:

(1) Fabricated metals that have been processed or manufactured for artistic use or as jewelry,

(2) Jewelry or other accessory items such as belt buckles and money clips,

(3) Paper currency, and

(4) Bonds, certificates, and stocks.

Okla. Admin. Code § 710:65-13-95

Amended by Oklahoma Register, Volume 32, Issue 23, August 17, 2015, eff. 8/27/2015