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Posted: 1/30/2007 8:52:31 AM EDT
| Ok so I created a trust with willmaker. I have several NFA items in the corp I have already. I am transfering the corp into the trust. Now, what happens if I let the corp expire. Does the stuff go into the trust? My question is if no, why not since SOT stuff does. |
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You're not an SOT. (at least you didn't mention this) Just don't let the corp expire. You started down that route and now you should just stick it out. The corp. fees aren't that bad anyway. My feeling is that you'd have to pay the transfer tax to put it in the trust from the corp. If this were not the case, it would be easy to effect transfers of NFA items from person to person, corporation to corporation, etc, without involving the ATF. This, of course, would be an extraordinarily bad idea. Look at it this way: I'm the settlor of my trust. The trust owns the NFA items. But I'm not about to revoke my trust with the hope that the items suddenly revert to me transfer tax-free without involving the ATF. It just don't work that way buddy. No offense intended, but I don't understand why people have to make the trust or corporate routes so difficult. If you keep it simple, it really is simple. There's just no reason to make this stuff more difficult than it needs to be... |
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Yes I understand that, and I would intend to involve them with the form 5. The use of a form 5 would be for a transfer with a death of a "person" as defined in NFA. In the case of that what is the difference in you or me or the sot. I also read the NFA and did not see a distinction. I am not making it difficult. IF I remember correctly many of the members, maybe you were one of them, from the va hometown forum came to me for info on how to setup a corp in va and register stuff on a form 1 or 4. I dont really have a problem with the fees and all my future transfers will be to my trust. However, why do something if you dont have to. |
www.cs.cmu.edu/afs/cs/usr/wbardwel/public/nfalist/nfa_faq.txt |
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Great faq/compilation of internet lore but I am looking for a little more than that. I maybe should specify that I want to speak to someoen who has done it or received a ruling on it from the ATF. Maybe someone familiar with some case law. The simple its true because the faq says it is is not quite there yet (IE the 4th amendment thing for the corp is way off base in that faq). I am thinking about drafting a memo based on what I havnt found in the actual text of the NFA and what is there about corps that have SOTs. That way I can get a good answer yah or nah from the ATF. |
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