I am an FFL holder and want to get a suppressor. What is the procedure?
I know I would need to go through the same procedure as everyone else, but I have never done it and am kinda ignorant on the subject.
Also, our FFL is an LLC and has both my name and my wifes. Would it be better to do a trust?
How exactly does it work if I but one from a person as opposed to another gun shop?
Since your an FFL holder have you been on FFLOnly.com. Lots of information there
Originally Posted By semperfiws6:
I know I would need to go through the same procedure as everyone else, but I have never done it and am kinda ignorant on the subject.
Also, our FFL is an LLC and has both my name and my wifes. Would it be better to do a trust?
How exactly does it work if I but one from a person as opposed to another gun shop?
It doesn't really matter whether your LLC owns it or if your form a trust. It works the same way.
If you buy from a person, who is in your state, you do a normal Form 4 just as if you were buying from a dealer. Once approved, the F4 goes back to the seller, and they transfer the suppressor to you. If you buy from a private party out of state, there are two $200 taxes. First, the can transfers tax paid on a Form 4 to your dealer in state. When that transfer is done, your dealer transfers it to you on a $200 Form 4. It really doesn't make much sense buying a used suppressor out of state since you're paying a double tax.
Originally Posted By txyaloo:
It doesn't really matter whether your LLC owns it or if your form a trust. It works the same way.
If you buy from a person, who is in your state, you do a normal Form 4 just as if you were buying from a dealer. Once approved, the F4 goes back to the seller, and they transfer the suppressor to you. If you buy from a private party out of state, there are two $200 taxes. First, the can transfers tax paid on a Form 4 to your dealer in state. When that transfer is done, your dealer transfers it to you on a $200 Form 4. It really doesn't make much sense buying a used suppressor out of state since you're paying a double tax.
In this case, if his FFL LLC purchases the suppressor, it can come in from out of state, on his FFL, as a single tax-paid Form4, registered under his FFL and as an asset of the LLC.
If he wanted to further transfer it to a trust, it would first have to come in-state to an FFL, perhaps his own LLC, and then be tax-paid transferred on Form4 to his trust.
It can go to his LLC on a single F4. To transfer to a trust, or himself, would require two F4s and two tax stamps.
Originally Posted By Circuits:
In this case, if his FFL LLC purchases the suppressor, it can come in from out of state, on his FFL, as a single tax-paid Form4, registered under his FFL and as an asset of the LLC.
If he wanted to further transfer it to a trust, it would first have to come in-state to an FFL, perhaps his own LLC, and then be tax-paid transferred on Form4 to his trust.
It can go to his LLC on a single F4. To transfer to a trust, or himself, would require two F4s and two tax stamps.
Considering he isn't an SOT, how exactly would it transfer on a F4?
FFL or not, without an SOT, it has to transfer to an SOT in state on an F4 who can then transfer it to him (either LLC, personally, or trust) on an F4. A F4 from out of state cannot cross state lines and transfer directly to an entity or person unless they hold a current SOT.
Originally Posted By txyaloo:
A F4 from out of state cannot cross state lines and transfer directly to an entity or person unless they hold a current SOT.
No. Flat. Out. Wrong.
An FFL is what's required to move the item across state lines, not a SOT. SOT just avoids intermediate transfer taxes on a Form 3 if both parties are current SOTs.
A C&R licensee can also purchase a C&R NFA item directly from anyone in or out of state, on a single tax-paid Form 4. No SOT involvement required.
