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User Panel
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Posted: 1/17/2014 4:44:55 PM EDT
[#1]
Quoted:
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? 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. |
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Posted: 1/18/2014 6:16:38 AM EDT
[#2]
Thanks, I appreciate the help.
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Posted: 1/19/2014 9:47:32 AM EDT
[#3]
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. |
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Posted: 1/23/2014 10:02:37 AM EDT
[#4]
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?
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Posted: 1/23/2014 12:26:40 PM EDT
[#5]
Quote HistoryQuoted:
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. |
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Posted: 1/26/2014 7:29:57 PM EDT
[#6]
Quote HistoryQuoted:
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. Quote HistoryQuoted:
Quoted:
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 |
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Posted: 1/26/2014 7:33:52 PM EDT
[#7]
That's what I am thinking also.
Quote HistoryQuoted:
however, I think you are opening yourself up to a tax evasion charge. Quote HistoryQuoted:
Quoted:
Quoted:
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. |
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Posted: 1/27/2014 5:52:39 AM EDT
[#8]
Quote HistoryQuoted:
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 Quote HistoryQuoted:
Quoted:
Quoted:
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. |
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