If it was with in 2 years gap you post to pay tax on said gain...The key word is gain
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Is it criminal to buy guns just to resale at a (high) profit?
- Thread starter 57tr6
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If it was with in 2 years gap you post to pay tax on said gain...The key word is gain
ding ding ding...^^^^^^ this is what id be concerned about.. the irs dont play and if they get wind your making $$ and not handing over there cut then thats when the trouble starts..but im sure its not a deal or 2 here and there , its more of the guys thats always selling and selling and selling..RED FLAG..
Your talking about a separate issue, but I get it. It's how they got Capone.
Exactly!
One more reason to avoid a BoS.
There are laws once they "reasonable person" principal. It's happened before where the sheer # of guns someone was buying and selling got them convicted for "gun trafficking" .. The case I'm thinking about the gun was used in a murder and they tracked it back to a guy and discovered that he would buy and resell 20 guns a month. A reasonable jury will conclude you were in the gun sales business without a lic. and without background checks if they want to make an example of you.
Well it has nothing to do with a bill of sale, as the audit never lies.You have xxx amount of money coming in and xxxxxxxx money going out and deposits of xxxxxxxxxx amount shows IRS something is UP...First thing comes to mind is a drug dealer.
I am not a lawyer, but I did stay at a Holiday Inn Express last night. However, here is the relevant portion of Title 18:
Section 921(a)ll(A). Definitions
The term "dealer" means (A) any person engaged in the business of selling firearms at wholesale or retail,
(B) any person engaged in the business of repairing firearms or of making or fitting special barrels,
stocks, or trigger mechanisms to firearms, or
(C) any person who is a pawnbroker. The term "licensed dealer" means any dealer who is licensed
under the provisions of this chapter.
Section 921(a)21)(C)
The term "engaged in the business" means - C) as applied to a dealer in firearms, as defined in section
921(a)(ll)(A), a person who devotes time, attention, and labor to dealing in firearms as a regular course
of trade or business with the principal objective of livelihood and profit through the repetitive purchase
and resale of firearms, but such term shall not include a person who makes occasional sales, exchanges, or
purchases of firearms for the enhancement of a personal collection or for a hobby, or who sells all or part
of his personal collection of firearms;
Section 921(a)ll(A). Definitions
The term "dealer" means (A) any person engaged in the business of selling firearms at wholesale or retail,
(B) any person engaged in the business of repairing firearms or of making or fitting special barrels,
stocks, or trigger mechanisms to firearms, or
(C) any person who is a pawnbroker. The term "licensed dealer" means any dealer who is licensed
under the provisions of this chapter.
Section 921(a)21)(C)
The term "engaged in the business" means - C) as applied to a dealer in firearms, as defined in section
921(a)(ll)(A), a person who devotes time, attention, and labor to dealing in firearms as a regular course
of trade or business with the principal objective of livelihood and profit through the repetitive purchase
and resale of firearms, but such term shall not include a person who makes occasional sales, exchanges, or
purchases of firearms for the enhancement of a personal collection or for a hobby, or who sells all or part
of his personal collection of firearms;
Well in GA you can buy a gun with a GWL and there is never sent to GOV agents about the purchase.The FFL has to hold onto the 4473 for 20 years but never sent in and inspected every GWL purchase.SO unless that man buys guns and has a background check done each time there is no alert to say this man is buying x amount of guns a month.
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CORRECT, When I sale a firearm I always lose some amount of money rather it be 10 bucks or 100 bucks.I never sold any weapon or anything that gave me a gain at all.
