need some help with my first purchase

[Magwa]

Ok so i bought my first can and the dealer just got it in from the transfere so now it is in my state so i am filling out the paper work for my trust and it says to fill out a schedule A well i do not own any NFA item so do I fill one out or not? that is the only thing hanging me up from sending it in.. thanks

[Rsquared]

Just add the new can to the schedule. You'll be good.

[Magwa]

OK thanks....

[Magwa]

even with no tax stamp still just list the name discription and serial number even if it is not approved yet?

[Rsquared]

I think that the schedule that you're referring to, is the one describing what you're adding to the trust. So you have to have it on there or you might be rejected. And there's nothing worse than waiting for months.....only to be rejected. Luckily....hasn't happened to me yet.

 

Is this the form that you're talking about? This is the one in my trust that I use to assign new stuff to the trust.

REED ASSIGNMENT TO REVOCABLE TRUST-RONALD REVISED.pdf

Edited October 11, 2013 by Rsquared

[Magwa]

yes mine is a little different but yes you put item, discription, and serial number on mine plue tax stamp and date issued, so my dilemma is do I write it on there and just say awaiting approval, where it says to put the tax stamp and issue date?

[Rsquared]

Hmm. Sounds strange. Obviously you can't put a copy of the tax stamp on there without having it yet. And the stamp itself will be stuck to the front of the form 4. It's not like you can take it off......and you wouldn't want to. I'd ask your lawyer that set up the trust for you. I would think that he wouldn't charge you for a 2 minute question. But, you never know with lawyers.

[Magwa]

true that but hey thanks for trying now can you remember your first transaction? did you send in a form like the one you posted even before you owned any NFA item ?

[Rsquared]

Yeah. It's part of the trust. You have to send the WHOLE thing (copy of trust that is) with every purchase along with the form 4. And with the form I showed you, I just had to add the new purchase to it. That's why I don't understand the whole "add tax stamp and date issued" thing.

[SwissyJim]

I was told NOT to put my can on the Schedule A until it was approved and stamp in hand. My lawyer set up my trust with $10 assigned to it upon creation, and had me get a $10 bill, add it to the Schedule A. That $10 bill now resides with my original paperwork in a safe deposit box, just in case someone wants to see it - I could also remove it as the Grantor, but kinda fun to have it.. With the $10 bill added at creation of the Trust, it showed the Trust owned something right away (or some fancy legalese he spoke) on the Schedule and has been sent in with all of my purchases.

 

Not a lawyer, did not sleep in a Holiday Inn Express, but that's what I was told. And I have read the same on the intertubes, and we all know it must be true then. :banana:

[EasyEJL]

if I recall right, what I was told by a lawyer is that when you first draw up the trust, you should put SOMETHING into it. Regardless of what that was, be it a firearm, reloading press, box of ammo whatever, so that the trust has ownership of an item for that schedule. Effectively he said the trust doesn't really exist from a legal perspective until it owns something, whether it is an NFA item or not.

[SwissyJim]

Same here, and that the reason for not putting the NFA item on it BEFORE you had the stamp is legally the Trust does not yet legally own it. Until the Stamp arrives, it's not legally yours. Again tho, not a lawyer, just reciting what I was told by mine.

[Rsquared]

I hear ya. All I can say, is that I've filled out the forms the same way for every NFA purchase, and I haven't had any issues..........short of the long-ass time it takes for the things to be approved.

[Magwa]

This is correct I found out today, If you read your trust when you sign it you should fund it also with money or whatever and that IS WHAT YOU PUT ON YOUR SHEDULE A. whatever your trust owned at the time of it's beginning is what should be on the schedule A mine is on it's way to Atlanta wake me up in 6 months my ears will love you...... thanks everyone this was a tough question and this post will have the answer for future can virgins...

[spectrascott]

If you get it in 6 mos you will be a lucky man :))  Remember the Gov is shut down and not giving any stamps away right now. I am getting ready to purchase my first NFA item and not looking forward to the year long wait if I am lucky!

 

What can did you purchase?

[Magwa]

AAC 762sd-N crap well it is what it is and I will wait as long as it takes..... the whole process is a dinosaur and needs to be brought up to date big time..

[Rsquared]

I'm already on my 8th month for my SDN6.

[spectrascott]

It just sucks! I am getting ready for my first purchase and am not looking forward to the wait. I was told the build itself is about 3 to 4 months and then the form 4 who knows what is going to happen.

[Magwa]

what build? please splain lucy....... :)

[spectrascott]

what build? please splain lucy....... :)

 

I am looking at one of these http://www.youtube.com/watch?v=Nh0fIIA77bw&feature=player_embedded I am not able to own a SBR in the lovely state I live in and do not want the extra 10" of can sticking off the rifle. Pretty much have all the parts needed for the upper build just need to send it all in and have them get started. I also might have to get another can for the MaTen and another .300 black that I have. Who can have just one :))

[Magwa]

so you will have a handfull of stamps...... good luck on your prodject now a full auto lower there is about 16,000 bucks wow..

[spectrascott]

so you will have a handfull of stamps...... good luck on your prodject now a full auto lower there is about 16,000 bucks wow..

 

 

No full auto for me. It is going to be semi but the vid shows what the gun looks like. I wish full auto but like you said to much money. One stamp for the gun on this one.

[Magwa]

well it will be a good looking gun.....

[SwissyJim]

mockp of my projected build, as best I could do on Gunstruction(not all my parts available there)

Built around a Nnoveske 8.2" .300aac barrel and Specwar 7.62 can...

[Magwa]

two stamps on that one.... nice