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Posted: 10/29/2013 10:48:03 AM EST
What happens to the dealers stock if he is the sole owner of his business and he gives up his FFL? Does he get to keep his 400 AR receivers and 100 AKs etc., if he wants them? Seems as if he would.
Link Posted: 10/29/2013 10:49:03 AM EST
It's even more interesting when you think about what happens when a SOT 07/02 retires.
Link Posted: 10/29/2013 10:49:40 AM EST
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Originally Posted By Undefined:
It's even more interesting when you think about what happens when a SOT 07/02 retires.
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band saw party.
Link Posted: 10/29/2013 10:50:11 AM EST
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Originally Posted By Fat_McNasty:


band saw party.
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Originally Posted By Fat_McNasty:
Originally Posted By Undefined:
It's even more interesting when you think about what happens when a SOT 07/02 retires.


band saw party.

really?
Link Posted: 10/29/2013 10:50:33 AM EST
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Originally Posted By bradpierson26:

really?
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Originally Posted By bradpierson26:
Originally Posted By Fat_McNasty:
Originally Posted By Undefined:
It's even more interesting when you think about what happens when a SOT 07/02 retires.


band saw party.

really?



Yep.
Link Posted: 10/29/2013 10:51:24 AM EST
Unless they are pre dealer samples yes although the parts kits are still worth cash
Link Posted: 10/29/2013 10:51:54 AM EST
He "sells" his stock to himself and becomes a liberals worst nightmare, a private seller.
Link Posted: 10/29/2013 10:52:09 AM EST
In for answer
Link Posted: 10/29/2013 10:55:03 AM EST
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Originally Posted By Foxtrot08:



Yep.
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Originally Posted By Foxtrot08:
Originally Posted By bradpierson26:
Originally Posted By Fat_McNasty:
Originally Posted By Undefined:
It's even more interesting when you think about what happens when a SOT 07/02 retires.


band saw party.

really?



Yep.

Link Posted: 10/29/2013 10:55:11 AM EST
Sole prop gets to "sign out" title one stuff to him/herself with either "class" of FFL.
Sole prop with Title II goodies would have to get rid of or destroy Class III items including what they made and can keep "Pre Samples".
-You can dispose of or sell these to other Class II / III guys with a letter saying you are turning it in and no law letter is required for the other dealer.
Corporate holders would just do form 4473's and with BG checks etc. on Title One stuff. Can't keep title II stuff without a form 4 etc. Can't keep pre samples.
Link Posted: 10/29/2013 10:55:23 AM EST
[Last Edit: 10/29/2013 10:56:41 AM EST by djkel]
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Originally Posted By Fat_McNasty:


band saw party.
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Originally Posted By Fat_McNasty:
Originally Posted By Undefined:
It's even more interesting when you think about what happens when a SOT 07/02 retires.


band saw party.


Link Posted: 10/29/2013 10:56:37 AM EST
Just like any other business ever.


1. You have a going out of business sale, sell it all off.

2. Sell your business (including inventory) to someone else - that other person, would have an FFL as well.

3. You sell your inventory to yourself (including FFL rules), close down the company books and whatever you want to do with the inventory from there, is your choice.
Link Posted: 10/29/2013 11:00:08 AM EST
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Originally Posted By Foxtrot08:



Yep.
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Originally Posted By Foxtrot08:
Originally Posted By bradpierson26:
Originally Posted By Fat_McNasty:
Originally Posted By Undefined:
It's even more interesting when you think about what happens when a SOT 07/02 retires.


band saw party.

really?



Yep.


They can keep non-MG NFA stuff.
Link Posted: 10/29/2013 11:05:16 AM EST
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Originally Posted By dion556:
He "sells" his stock to himself and becomes a liberals worst nightmare, a private seller.
View Quote


Isn't it his and he can take possession of it, even if it was purchased under a company name and money and logged for tax purposes as a business expense?

It seems only fair since he paid for x amount of guns with his own money(business money) that since his business is closing-all company assets from business belong to the owner?

When it comes to firearm rules what's fair is
Link Posted: 10/29/2013 11:06:57 AM EST
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Originally Posted By pazzo:


They can keep non-MG NFA stuff.
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Originally Posted By pazzo:
Originally Posted By Foxtrot08:
Originally Posted By bradpierson26:
Originally Posted By Fat_McNasty:
Originally Posted By Undefined:
It's even more interesting when you think about what happens when a SOT 07/02 retires.


band saw party.

really?



Yep.


They can keep non-MG NFA stuff.


New owner = new stamp

But yes.
Link Posted: 10/29/2013 11:08:00 AM EST
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Originally Posted By djkel:
Originally Posted By Fat_McNasty:
Originally Posted By Undefined:
It's even more interesting when you think about what happens when a SOT 07/02 retires.


band saw party.



http://www.atf.gov/files/publications/download/p/atf-p-5320-8/atf-p-5320-8-chapter-14.pdf

Section 14.2 Disposition of NFA firearms (other than “post-‘86 machineguns”).
14.2.1 Sole proprietors. FFLs licensed as sole proprietors, who have been qualified to deal in NFA
firearms and who go out of the NFA business, may lawfully retain their inventory of these firearms,
including imported NFA “sales samples”, in their individual capacity.
Link Posted: 10/29/2013 11:08:37 AM EST
[Last Edit: 10/29/2013 11:09:00 AM EST by raysheen]
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Originally Posted By RedFox1911:
Unless they are pre dealer samples yes although the parts kits are still worth cash
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Indeed. This is one of the reasons that pre-may dealer samples cost what they do.
Link Posted: 10/29/2013 11:10:30 AM EST
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Originally Posted By rcsguns:
Sole prop gets to "sign out" title one stuff to him/herself with either "class" of FFL.
Sole prop with Title II goodies would have to get rid of or destroy Class III items including what they made and can keep "Pre Samples".
-You can dispose of or sell these to other Class II / III guys with a letter saying you are turning it in and no law letter is required for the other dealer.
Corporate holders would just do form 4473's and with BG checks etc. on Title One stuff. Can't keep title II stuff without a form 4 etc. Can't keep pre samples.
View Quote

Corps can keep pre samples as long as the corp is legally alive.

Link Posted: 10/29/2013 11:11:57 AM EST
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Originally Posted By pazzo:


They can keep non-MG NFA stuff.
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Originally Posted By pazzo:
Originally Posted By Foxtrot08:
Originally Posted By bradpierson26:
Originally Posted By Fat_McNasty:
Originally Posted By Undefined:
It's even more interesting when you think about what happens when a SOT 07/02 retires.


band saw party.

really?



Yep.


They can keep non-MG NFA stuff.


Mmmmmmm.... destructive devices.... mmmmmmm
Link Posted: 10/29/2013 11:15:42 AM EST
Cool. Just read that.
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Originally Posted By peekay:

Corps can keep pre samples as long as the corp is legally alive.

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Originally Posted By peekay:
Originally Posted By rcsguns:
Sole prop gets to "sign out" title one stuff to him/herself with either "class" of FFL.
Sole prop with Title II goodies would have to get rid of or destroy Class III items including what they made and can keep "Pre Samples".
-You can dispose of or sell these to other Class II / III guys with a letter saying you are turning it in and no law letter is required for the other dealer.
Corporate holders would just do form 4473's and with BG checks etc. on Title One stuff. Can't keep title II stuff without a form 4 etc. CAN keep pre samples.

Corps can keep pre samples as long as the corp is legally alive.


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