arcee-ai/sec-data-mini · Datasets at Hugging Face

text stringlengths 6 768k
current law, gains recognized by individuals, estates or trusts from the sale of “collectibles,” including physical
gold, held for more than one year are taxed at a maximum federal income tax rate of 28%, rather than the 20% rate applicable to
most other long-term capital gains. For these purposes, gains recognized by an individual upon the sale of Shares held for more
than one year, or attributable to the Trust’s sale of any physical gold which the Shareholder is treated (through its
ownership of Shares) as having held for more than one year, generally will be taxed at a maximum rate of 28%. The tax rates for
capital gains recognized upon the sale of assets held by an individual US Shareholder for one year or less or by a corporate taxpayer
are generally the same as those at which ordinary income is taxed. In
addition, high-income individuals and certain trusts and estates are subject to a 3.8% Medicare contribution tax that is imposed
on net investment income and gain. Shareholders should consult their tax advisor regarding this tax. Brokerage
Fees and Trust Expenses Any
brokerage or other transaction fees incurred by a Shareholder in purchasing Shares is treated as part of the Shareholder’s
tax basis in the Shares. Similarly, any brokerage fee incurred by a Shareholder in selling Shares reduces the amount realized
by the Shareholder with respect to the sale. Shareholders
will be required to recognize a gain or loss upon a sale of gold by the Trust (as discussed above), even though some or all of
the proceeds of such sale are used by the Trustee to pay Trust expenses. Shareholders may deduct their respective pro rata share of
each expense incurred by the Trust to the same extent as if they directly incurred the expense. Shareholders who are individuals,
estates or trusts, however, may be required to treat some or all of the expenses of the Trust, to the extent that such expenses may
be deducted, as miscellaneous itemized deductions. Miscellaneous itemized deductions, including expenses for the production of
income, will not be deductible for either regular federal income tax or alternative minimum tax purposes for taxable years beginning
after December 31, 2017 and before January 1, 2026 and thereafter generally are (i) deductible only to the extent that the aggregate of a Shareholder's miscellaneous itemized deductions
exceeds 2% of such Shareholder's adjusted gross income for federal income tax purposes, (ii) not deductible for the purposes of the alternative
minimum tax and (iii) are subject to the overall limitation on itemized deductions under the Code. 22 Investment
by Regulated Investment Companies Mutual
funds and other investment vehicles which are “regulated investment companies” within the meaning of Code section
851 should consult with their tax advisors concerning (1) the likelihood that an investment in Shares, although they are a “security”
within the meaning of the Investment Company Act of 1940, may be considered an investment in the underlying gold for purposes
of Code section 851(b), and (2) the extent to which an investment in Shares might nevertheless be consistent with preservation
of their qualification under Code section 851. In administrative guidance, the IRS stated that it will no longer issue
rulings under Code section 851(b) relating to the determination of whether or not an instrument or position is a “security”,
but, instead, intends to defer to guidance from the SEC for such determination. United
States Information Reporting and Backup Withholding Tax for US and Non-US Shareholders The
Trustee or the appropriate broker will file certain information returns with the IRS, and provides certain tax-related information
to Shareholders, in accordance with applicable Treasury Regulations. Each Shareholder will be provided with information regarding
its allocable portion of the Trust’s annual income (if any) and expenses. A
US Shareholder may be subject to US backup withholding tax in certain circumstances unless it provides its taxpayer identification
number and complies with certain certification procedures. Non-US Shareholders may have to comply with certification procedures
to establish that they are not a US person in order to avoid the backup withholding tax. The
amount of any backup withholding tax will be allowed as a credit against a Shareholder’s US federal income tax liability
and may entitle such a Shareholder to a refund, provided that the required information is furnished to the IRS. Income
Taxation of Non-US Shareholders The
Trust does not expect to generate taxable income except for gains (if any) upon the sale of gold. A Non-US Shareholder generally
is not subject to US federal income tax with respect to gains recognized upon the sale or other disposition of Shares, or upon
the sale of gold by the Trust, unless (1) the Non-US Shareholder is an individual and is present in the United States for
183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States
sources; or (2) the gain is effectively connected with the conduct by the Non-US Shareholder of a trade or business in the United
States. Taxation
in Jurisdictions other than the United States Prospective
purchasers of Shares that are based in or acting out of a jurisdiction other than the United States are advised to consult their
own tax advisers as to the tax consequences, under the laws of such jurisdiction (or any other jurisdiction not being the United
States to which they are subject), of their purchase, holding, sale and redemption of or any other dealing in Shares and, in particular,
as to whether any value added tax, other consumption tax or transfer tax is payable in relation to such purchase, holding, sale,
redemption or other dealing. 23 ERISA
and Related Considerations The
Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or Code section 4975 impose certain requirements
on certain employee benefit plans and certain other plans and arrangements, including individual retirement accounts and annuities,
Keogh plans, and certain commingled investment vehicles or insurance company general or separate accounts in which such plans
or arrangements are invested (collectively, “Plans”), and on persons who are fiduciaries with respect to the investment
of “plan assets” of a Plan. Government plans and some church plans are not subject to the fiduciary responsibility
provisions of ERISA or the provisions of section 4975 of the Code, but may be subject to substantially similar rules under other
federal law, or under state or local law (“Other Law”). In
contemplating an investment of a portion of Plan assets in Shares, the Plan fiduciary responsible for making such investment should
carefully consider, taking into account the facts and circumstances of the Plan and the “Risk Factors” discussed above
and whether such investment is consistent with its fiduciary responsibilities under ERISA or Other Law, including, but not limited
t (1) whether the investment is permitted under the Plan’s governing documents, (2) whether the fiduciary has the authority
to make the investment, (3) whether the investment is consistent with the Plan’s funding objectives, (4) the tax effects
of the investment on the Plan, and (5) whether the investment is prudent considering the factors discussed in this report. In
addition, ERISA and Code section 4975 prohibit a broad range of transactions involving assets of a plan and persons who are “parties
in interest” under ERISA or “disqualified persons” under section 4975 of the Code. A violation of these rules
may result in the imposition of significant excise taxes and other liabilities. Plans subject to Other Law may be subject to similar
restrictions. It
is anticipated that the Shares will constitute “publicly offered securities” as defined in the Department of Labor
“Plan Asset Regulations,” §2510.3-101 (b)(2) as modified by section 3(42) of ERISA. Accordingly, pursuant to
the Plan Asset Regulations, only Shares purchased by a Plan, and not an interest in the underlying assets held in the Trust, should
be treated as assets of the Plan, for purposes of applying the “fiduciary responsibility” rules of ERISA and the “prohibited
transaction” rules of ERISA and the Code. Fiduciaries of plans subject to Other Law should consult legal counsel to determine
whether there would be a similar result under the Other Law. Investment
by Certain Retirement Plans Code
section 408(m) provides that the acquisition of a “collectible” by an individual retirement account (“IRA”)
or a participant-directed account maintained under any plan that is tax-qualified under Code section 401(a) (“Tax Qualified
Account”) is treated as a taxable distribution from the account to the owner of the IRA, or to the participant for whom
the Tax Qualified Account is maintained, of an amount equal to the cost to the account of acquiring the collectible. The term
“collectible” is defined to include, with certain exceptions, “any metal or gem”. The IRS has issued several
private letter rulings to the effect that a purchase by an IRA, or by a participant-directed account under a Code section 401(a)
plan, of publicly-traded shares in a trust holding gold will not be treated as resulting in a taxable distribution to the IRA
owner or Tax Qualified Account participant under Code section 408(m). However the private letter rulings provide that, if any
of the Shares so purchased are distributed from the IRA or Tax Qualified Account to the IRA owner or Tax Qualified Account participant,
or if any gold is received by such IRA or Tax Qualified Account upon the redemption of any of the Shares purchased by it,
the Shares or gold so distributed will be subject to federal income tax in the year of distribution, to the extent provided
under the applicable provisions of Code sections 408(d), 408(m) or 402. Accordingly, potential IRA or Tax Qualified Account investors
are urged to consult with their own professional advisors concerning the treatment of an investment in Shares under Code section
408(m). Item
1A. Risk Factors Shareholders
should consider carefully the risks described below before making an investment decision. Shareholders should also refer to the
other information included in this report, including the Trust’s financial statements and the related notes. 24 RISKS
RELATED TO GOLD The
price of gold may be affected by the sale of ETVs tracking the gold markets. To
the extent existing exchange traded vehicles (“ETVs”) tracking the gold markets represent a significant proportion
of demand for physical gold bullion, large redemptions of the securities of these ETVs could negatively affect physical gold bullion
prices and the price and NAV of the Shares. Crises
may motivate large-scale sales of gold which could decrease the price of gold and adversely affect an investment in the Shares. The

current law, gains recognized by individuals, estates or trusts from the sale of “collectibles,” including physical

gold, held for more than one year are taxed at a maximum federal income tax rate of 28%, rather than the 20% rate applicable to

most other long-term capital gains. For these purposes, gains recognized by an individual upon the sale of Shares held for more

than one year, or attributable to the Trust’s sale of any physical gold which the Shareholder is treated (through its

ownership of Shares) as having held for more than one year, generally will be taxed at a maximum rate of 28%. The tax rates for

capital gains recognized upon the sale of assets held by an individual US Shareholder for one year or less or by a corporate taxpayer

are generally the same as those at which ordinary income is taxed. In

addition, high-income individuals and certain trusts and estates are subject to a 3.8% Medicare contribution tax that is imposed

on net investment income and gain. Shareholders should consult their tax advisor regarding this tax. Brokerage

Fees and Trust Expenses Any

brokerage or other transaction fees incurred by a Shareholder in purchasing Shares is treated as part of the Shareholder’s

tax basis in the Shares. Similarly, any brokerage fee incurred by a Shareholder in selling Shares reduces the amount realized

by the Shareholder with respect to the sale. Shareholders

will be required to recognize a gain or loss upon a sale of gold by the Trust (as discussed above), even though some or all of

the proceeds of such sale are used by the Trustee to pay Trust expenses. Shareholders may deduct their respective pro rata share of

each expense incurred by the Trust to the same extent as if they directly incurred the expense. Shareholders who are individuals,

estates or trusts, however, may be required to treat some or all of the expenses of the Trust, to the extent that such expenses may

be deducted, as miscellaneous itemized deductions. Miscellaneous itemized deductions, including expenses for the production of

income, will not be deductible for either regular federal income tax or alternative minimum tax purposes for taxable years beginning

after December 31, 2017 and before January 1, 2026 and thereafter generally are (i) deductible only to the extent that the aggregate of a Shareholder's miscellaneous itemized deductions

exceeds 2% of such Shareholder's adjusted gross income for federal income tax purposes, (ii) not deductible for the purposes of the alternative

minimum tax and (iii) are subject to the overall limitation on itemized deductions under the Code. 22 Investment

by Regulated Investment Companies Mutual

funds and other investment vehicles which are “regulated investment companies” within the meaning of Code section

851 should consult with their tax advisors concerning (1) the likelihood that an investment in Shares, although they are a “security”

within the meaning of the Investment Company Act of 1940, may be considered an investment in the underlying gold for purposes

of Code section 851(b), and (2) the extent to which an investment in Shares might nevertheless be consistent with preservation

of their qualification under Code section 851. In administrative guidance, the IRS stated that it will no longer issue

rulings under Code section 851(b) relating to the determination of whether or not an instrument or position is a “security”,

but, instead, intends to defer to guidance from the SEC for such determination. United

States Information Reporting and Backup Withholding Tax for US and Non-US Shareholders The

Trustee or the appropriate broker will file certain information returns with the IRS, and provides certain tax-related information

to Shareholders, in accordance with applicable Treasury Regulations. Each Shareholder will be provided with information regarding

its allocable portion of the Trust’s annual income (if any) and expenses. A

US Shareholder may be subject to US backup withholding tax in certain circumstances unless it provides its taxpayer identification

number and complies with certain certification procedures. Non-US Shareholders may have to comply with certification procedures

to establish that they are not a US person in order to avoid the backup withholding tax. The

amount of any backup withholding tax will be allowed as a credit against a Shareholder’s US federal income tax liability

and may entitle such a Shareholder to a refund, provided that the required information is furnished to the IRS. Income

Taxation of Non-US Shareholders The

Trust does not expect to generate taxable income except for gains (if any) upon the sale of gold. A Non-US Shareholder generally

is not subject to US federal income tax with respect to gains recognized upon the sale or other disposition of Shares, or upon

the sale of gold by the Trust, unless (1) the Non-US Shareholder is an individual and is present in the United States for

183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States

sources; or (2) the gain is effectively connected with the conduct by the Non-US Shareholder of a trade or business in the United

States. Taxation

in Jurisdictions other than the United States Prospective

purchasers of Shares that are based in or acting out of a jurisdiction other than the United States are advised to consult their

own tax advisers as to the tax consequences, under the laws of such jurisdiction (or any other jurisdiction not being the United

States to which they are subject), of their purchase, holding, sale and redemption of or any other dealing in Shares and, in particular,

as to whether any value added tax, other consumption tax or transfer tax is payable in relation to such purchase, holding, sale,

redemption or other dealing. 23 ERISA

and Related Considerations The

Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or Code section 4975 impose certain requirements

on certain employee benefit plans and certain other plans and arrangements, including individual retirement accounts and annuities,

Keogh plans, and certain commingled investment vehicles or insurance company general or separate accounts in which such plans

or arrangements are invested (collectively, “Plans”), and on persons who are fiduciaries with respect to the investment

of “plan assets” of a Plan. Government plans and some church plans are not subject to the fiduciary responsibility

provisions of ERISA or the provisions of section 4975 of the Code, but may be subject to substantially similar rules under other

federal law, or under state or local law (“Other Law”). In

contemplating an investment of a portion of Plan assets in Shares, the Plan fiduciary responsible for making such investment should

carefully consider, taking into account the facts and circumstances of the Plan and the “Risk Factors” discussed above

and whether such investment is consistent with its fiduciary responsibilities under ERISA or Other Law, including, but not limited

t (1) whether the investment is permitted under the Plan’s governing documents, (2) whether the fiduciary has the authority

to make the investment, (3) whether the investment is consistent with the Plan’s funding objectives, (4) the tax effects

of the investment on the Plan, and (5) whether the investment is prudent considering the factors discussed in this report. In

addition, ERISA and Code section 4975 prohibit a broad range of transactions involving assets of a plan and persons who are “parties

in interest” under ERISA or “disqualified persons” under section 4975 of the Code. A violation of these rules

may result in the imposition of significant excise taxes and other liabilities. Plans subject to Other Law may be subject to similar

restrictions. It

is anticipated that the Shares will constitute “publicly offered securities” as defined in the Department of Labor

“Plan Asset Regulations,” §2510.3-101 (b)(2) as modified by section 3(42) of ERISA. Accordingly, pursuant to

the Plan Asset Regulations, only Shares purchased by a Plan, and not an interest in the underlying assets held in the Trust, should

be treated as assets of the Plan, for purposes of applying the “fiduciary responsibility” rules of ERISA and the “prohibited

transaction” rules of ERISA and the Code. Fiduciaries of plans subject to Other Law should consult legal counsel to determine

whether there would be a similar result under the Other Law. Investment

by Certain Retirement Plans Code

section 408(m) provides that the acquisition of a “collectible” by an individual retirement account (“IRA”)

or a participant-directed account maintained under any plan that is tax-qualified under Code section 401(a) (“Tax Qualified

Account”) is treated as a taxable distribution from the account to the owner of the IRA, or to the participant for whom

the Tax Qualified Account is maintained, of an amount equal to the cost to the account of acquiring the collectible. The term

“collectible” is defined to include, with certain exceptions, “any metal or gem”. The IRS has issued several

private letter rulings to the effect that a purchase by an IRA, or by a participant-directed account under a Code section 401(a)

plan, of publicly-traded shares in a trust holding gold will not be treated as resulting in a taxable distribution to the IRA

owner or Tax Qualified Account participant under Code section 408(m). However the private letter rulings provide that, if any

of the Shares so purchased are distributed from the IRA or Tax Qualified Account to the IRA owner or Tax Qualified Account participant,

or if any gold is received by such IRA or Tax Qualified Account upon the redemption of any of the Shares purchased by it,

the Shares or gold so distributed will be subject to federal income tax in the year of distribution, to the extent provided

under the applicable provisions of Code sections 408(d), 408(m) or 402. Accordingly, potential IRA or Tax Qualified Account investors

are urged to consult with their own professional advisors concerning the treatment of an investment in Shares under Code section

408(m). Item

1A. Risk Factors Shareholders

should consider carefully the risks described below before making an investment decision. Shareholders should also refer to the

other information included in this report, including the Trust’s financial statements and the related notes. 24 RISKS

RELATED TO GOLD The

price of gold may be affected by the sale of ETVs tracking the gold markets. To

the extent existing exchange traded vehicles (“ETVs”) tracking the gold markets represent a significant proportion

of demand for physical gold bullion, large redemptions of the securities of these ETVs could negatively affect physical gold bullion

prices and the price and NAV of the Shares. Crises

may motivate large-scale sales of gold which could decrease the price of gold and adversely affect an investment in the Shares. The