Warning

 

Close

Confirm Action

Are you sure you wish to do this?

Confirm Cancel
PSA
Member Login

Site Notices
7/8/2020 3:01:36 PM
Posted: 1/17/2014 11:44:58 AM EDT
In the samples of the Quick Reference and Best Practice Guide, this is about the only thing I do not see.

I have a rifle that I would like to sell.  I just got my FFL and I'd like to sell it through my business.  

I am a sole prop with the "Name" on my FFL being the name of my business.

I would guess since my name isn't on my FFL, I would treat it just like I took the gun in on consignment from someone else and put my name and address as from who I received the rifle.

Does that sound correct?

Link Posted: 1/17/2014 4:44:55 PM EDT
Originally Posted By benny429:
In the samples of the Quick Reference and Best Practice Guide, this is about the only thing I do not see.

I have a rifle that I would like to sell.  I just got my FFL and I'd like to sell it through my business.  

I am a sole prop with the "Name" on my FFL being the name of my business.

I would guess since my name isn't on my FFL, I would treat it just like I took the gun in on consignment from someone else and put my name and address as from who I received the rifle.

Does that sound correct?

View Quote

You treat it as any other firearm you transfer in or out.
As a sole proprietor, YOU are the licensee vs a corporation or LLC being the licensee.

You enter it as an acquisition from "Benny429 personal collection", then the disposition to your customer.
Link Posted: 1/18/2014 6:16:38 AM EDT
Thanks, I appreciate the help.
Link Posted: 1/19/2014 9:47:32 AM EDT
I keep two log books.  One for the business and one for my personal collection.



If I were to move an item from one to the other, I just log it.



For example, from my private collection, it get's disposed from myself to the business.  From the business, I fill out a 4473 and call my state for the NICS check and then transfer it to myself.  I then log it into my personal book.  The ATF doesn't look at your personal log book, just your business.  I do this for record keeping.
Link Posted: 1/23/2014 10:02:37 AM EDT
What do you do about Payment and taxes. If i take a gun out of my log books. Then dont i have to pay sales tax and pay the business?
Link Posted: 1/23/2014 12:26:40 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By DieselEnterprises:
What do you do about Payment and taxes. If i take a gun out of my log books. Then dont i have to pay sales tax and pay the business?
View Quote

Complying with ATF regulations regarding A&D has nothing to do with how your state determines when a sale occurs or when it becomes taxable.
Link Posted: 1/26/2014 7:29:57 PM EDT
[Last Edit: 1/26/2014 7:35:27 PM EDT by infantryman]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By DogtownTom:

Complying with ATF regulations regarding A&D has nothing to do with how your state determines when a sale occurs or when it becomes taxable.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By DogtownTom:
Originally Posted By DieselEnterprises:
What do you do about Payment and taxes. If i take a gun out of my log books. Then dont i have to pay sales tax and pay the business?

Complying with ATF regulations regarding A&D has nothing to do with how your state determines when a sale occurs or when it becomes taxable.


however, I think you are opening yourself up to a tax evasion charge if your FFL is a "total seperate business"  ie... LLC or LLP. ETA:  Sole proprietor FFL you didn't buy it, you transfered it to your personal collection
Link Posted: 1/26/2014 7:33:52 PM EDT
That's what I am thinking also.

Discussion ForumsJump to Quoted PostQuote History
Originally Posted By infantryman:


however, I think you are opening yourself up to a tax evasion charge.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By infantryman:
Originally Posted By DogtownTom:
Originally Posted By DieselEnterprises:
What do you do about Payment and taxes. If i take a gun out of my log books. Then dont i have to pay sales tax and pay the business?

Complying with ATF regulations regarding A&D has nothing to do with how your state determines when a sale occurs or when it becomes taxable.


however, I think you are opening yourself up to a tax evasion charge.

Link Posted: 1/27/2014 5:52:39 AM EDT
[Last Edit: 1/27/2014 5:54:32 AM EDT by DogtownTom]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By infantryman:


however, I think you are opening yourself up to a tax evasion charge if your FFL is a "total seperate business"  ie... LLC or LLP. ETA:  Sole proprietor FFL you didn't buy it, you transfered it to your personal collection
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By infantryman:
Originally Posted By DogtownTom:
Originally Posted By DieselEnterprises:
What do you do about Payment and taxes. If i take a gun out of my log books. Then dont i have to pay sales tax and pay the business?

Complying with ATF regulations regarding A&D has nothing to do with how your state determines when a sale occurs or when it becomes taxable.


however, I think you are opening yourself up to a tax evasion charge if your FFL is a "total seperate business"  ie... LLC or LLP. ETA:  Sole proprietor FFL you didn't buy it, you transfered it to your personal collection

Uh............a sole proprietor transferring a firearm from business ------> personal collection means it is not for resale.......you pay sales tax. Sales tax is collected at the time of sale, or if removed from business inventory.
Top Top