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Refer to Revenue Ruling 68-463 6. Am I liable for FAET if I transfer a firearm classified under the National Firearms Act (NFA)?

April 26, 2017Classified faet firearm liable refer revenue ruling transfer

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Refer to Revenue Ruling 68-463 6. Am I liable for FAET if I transfer a firearm classified under the National Firearms Act (NFA)?

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• Pay the $200.00 NFA transfer tax ($5.00 for any other weapon); or • Pay FAET on the sale price. 7. Am I liable for FAET on gifts or donations of articles? This depends on the reason you gave the gift or donation. For example, if you gave or donated an article as a “good deed” and receive no compensation in return, you would probably not be liable for FAET. However, if you gave or donated an article as a promotion or advertisement, you would probably be liable for FAET. Note: You should contact the NRC for help in determining whether or not you owe FAET on gifts or donations. 8. Am I liable for FAET on articles stolen from my business? No. You are not liable for FAET on any articles stolen from your business (a theft is not considered a sale). [Refer to Revenue Ruling 67-58 ] back to top Tax Returns 1. How do I report my FAET liability? You will report your FAET liability by filing and submitting a Firearms and Ammunition Excise Tax Return (TTB F 5300.26). [Refer to 27 CFR 53.151(a)(1