APRIL 19, 2011
Since WCM cannot determine definitively if
conversion of silver bars to silver rounds is not, for tax filing
purposes, a Sale
and subsequent Purchase vis a vis the U.S. Internal Revenue Service,
WE HAVE SUSPENDED THIS CONVERSION PROGRAM UNTIL FURTHER NOTICE.
Should such a transaction not qualify as a Like-Kind Exchange per
the I.R.S., it would hence require dealer filing of a 1099-B for
1,000 ounce or greater quantities of silver after obtaining customer
tax I.D. information.
However, please review the many other high-quality bullion products
we have to offer customers at very competitive prices and with
excellent customer service:
Sincerely, David W. Young
President, Wexford Capital Management (WCM)