Hypothetical Transaction

This is a discussion on Hypothetical Transaction within the FFL Dealer Discussion forums, part of the Related Topics category; I entered a gun raffle the other day not because I wanted the gun (some tricked out sporterized AR), but because I wanted to support ...

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Thread: Hypothetical Transaction

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    Senior Member Array tubadude's Avatar
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    Hypothetical Transaction

    I entered a gun raffle the other day not because I wanted the gun (some tricked out sporterized AR), but because I wanted to support the organization. Hypothetically, if I win, would I have to take possession of it from the shop I have it sent to, or would I be able to trade it in as new for something else (assuming the shop wanted the trade)?

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    Senior Member Array patri0t's Avatar
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    I'm sure the shop would be happy to give you something that costs them less.
    StormRhydr, blitzburgh and PEF like this.
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    I'm assuming the rifle is new, so I don't see why you wouldn't be able to trade it in as new. I'd probably try to do so at a different shop than the one I took possession of it at though.
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    Senior Member Array tubadude's Avatar
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    Quote Originally Posted by blitzburgh View Post
    I'm assuming the rifle is new, so I don't see why you wouldn't be able to trade it in as new. I'd probably try to do so at a different shop than the one I took possession of it at though.
    Whys that?

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    I'd only worry about it if you win.

    I'll play the powerball with it gets over 200 million, but I won't worry about taxes until I win. (I never play for less than 200 million, as I could not bear the shame of being a mere penny millionaire.)
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    Senior Member Array tubadude's Avatar
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    Quote Originally Posted by PEF View Post
    I'd only worry about it if you win.

    I'll play the powerball with it gets over 200 million, but I won't worry about taxes until I win. (I never play for less than 200 million, as I could not bear the shame of being a mere penny millionaire.)
    While I really hope I win, I was mostly curious. Out of all of these raffles and giveaways online, there has to be a few winners that hate their prize.

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    Don't forget to pay the income tax on the FMV
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    I think there might be issues re "new" as to warranty. Some warranties only run with the original owner. Others run with the gun. Once you have it, and transfer title, the warranty may vaporize, which would certainly preclude a reputable dealer from selling the gun as "new."

    Question for FFL holders here. Is there some statutory scheme that defines a gun as being "new" only when it has not been transferred to an end buyer/consumer?

    E.g., Purchaser buys a gun NIB from an LGS, then the next day regrets the purchase and "Returns" the gun in the unopened box for a very gracious full refund by a Saintly LGS.

    However, there is now a transfer on the books of LGS of the gun to the first purchaser. Can the LGS then legally turn around and sell the gun as "new?"
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    Quote Originally Posted by tubadude View Post
    I entered a gun raffle the other day not because I wanted the gun (some tricked out sporterized AR), but because I wanted to support the organization. Hypothetically, if I win, would I have to take possession of it from the shop I have it sent to, or would I be able to trade it in as new for something else (assuming the shop wanted the trade)?
    Depends on the raffle and who's running it. Having run a few raffles for a local club over the years, we offered specific guns that we got deals on. A big org like NRA likewise gets guns donated for their raffles. When it's time to collect, your local stocking gun store is usually just a transfer agent, with no financial skin in the game. In that case, if you want to trade, chances are it will be based on a cost-to-them basis, and not retail value.
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    If you were to win a gun from a raffle or in my neck of the woods, the purchase of a new truck, UTV sometimes includes a free rifle. The firearm would be transferred to you via a local dealer. A transfer fee may or may not be included however the dealer who transfers the firearm to you should not collect sales tax. Once you have possession of the firearm, you are free to sell it however you wish. You may sell it yourself privately or offer it for trade/cash to the transferring dealer or any other dealer.
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    Good luck, Hope you win! then worry about it.

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