Nixxon Posted September 17, 2020 Report Share Posted September 17, 2020 I was told by an FFL/SOT that NFA in the registered inventory of a Sole Proprietor on Form 5320.3 can be logged out of the business FFREG to the FFL/SOT's Personal Firearms Register. The logic behind this is that they are already registered to the FFL/SOT by virtue of the Form 5320.3. This is assuming the FFL/SOT is not discontinuing business, which has other guidelines. Any thoughts or comments welcome. Quote Link to comment Share on other sites More sharing options...
JOELCRAMER Posted September 22, 2020 Report Share Posted September 22, 2020 Why? As a sole proprietor you are already the owner of the gun. During the compliance inspection they will still want to see the gun. What does moving the gun from the shop inventory to your personal inventory actually do for you? I think the only way to move the gun from the inventory to personal is when you close the business. That would be tax free like you said, you already own the gun. Quote Link to comment Share on other sites More sharing options...
MSAA Posted September 25, 2020 Report Share Posted September 25, 2020 If it's in your business inventory you would likely have Year end inventory tax to pay vs . if it's in your personal inventory... no tax That's the way I see it. Quote Link to comment Share on other sites More sharing options...
b_san Posted September 25, 2020 Report Share Posted September 25, 2020 1 hour ago, MSAA said: If it's in your business inventory you would likely have Year end inventory tax to pay vs . if it's in your personal inventory... no tax That's the way I see it. Think there's only 11 states left that charge inventory tax. 1 Quote Link to comment Share on other sites More sharing options...
MontanaRenegade86 Posted September 26, 2020 Report Share Posted September 26, 2020 1 hour ago, b_san said: Think there's only 11 states left that charge inventory tax. Ten fully and four partially. That's fourteen too many. Looks like most of the states that still do it are in the South. Taxes: The bane of the working stiff. In Liberty, KristopherH Quote Link to comment Share on other sites More sharing options...
MSAA Posted September 26, 2020 Report Share Posted September 26, 2020 #$%^ I need to move. I hate that tax, talk about double taxation. Paying tax on the same inventory year after year... When I buy Military surplus it can be like 1000 pouches and takes some time to sell off. Quote Link to comment Share on other sites More sharing options...
taylorwso Posted September 26, 2020 Report Share Posted September 26, 2020 On 9/17/2020 at 4:54 PM, Nixxon said: I was told by an FFL/SOT that NFA in the registered inventory of a Sole Proprietor on Form 5320.3 can be logged out of the business FFREG to the FFL/SOT's Personal Firearms Register. The logic behind this is that they are already registered to the FFL/SOT by virtue of the Form 5320.3. This is assuming the FFL/SOT is not discontinuing business, which has other guidelines. Any thoughts or comments welcome. I'm trying to get the opposite done, but so far the ATF has told me 1. Must use a form 4 2. just sign it into your books 3. use a form 5 to move it into you inventory. 4. just send in form 3 who knows since the ATF doesnt know. Quote Link to comment Share on other sites More sharing options...
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