Friggin gun prices

[Anger]

A friend of mine just bought 3 of them from Wallyworld and turned around and sold them for $200 profit each.

Interesting. I assumed your friend lied on the Form 4473, will not declare the ill gotten income on his/her fed income tax statement, and also prevented three other retail purchasers from buying a decent rifle at normal retail prices. LOL what a crock. Enjoy jail time in the federal - pound your ass prison ! Bad karma if you ask me.

 

[TxBigfoot]

Interesting. I assumed your friend lied on the Form 4473, will not declare the ill gotten income on his/her fed income tax statement, and also prevented three other retail purchasers from buying a decent rifle at normal retail prices. LOL what a crock. Enjoy jail time in the federal - pound your ass prison ! Bad karma if you ask me.

I have no idea what he checked off on the 4473, or what he declared. The point of my post, was that 10/22's can be found at Walmart for msrp. You really live up to screen name.

 

[wakal]

If you are the buyer and decide thirty seconds after you complete the sale that you no longer want them, then...so what?

Mens rea is a hard thing to prove.

Capitalism is a harsh system...but still better than the communist drivel "to each according to his needs" crap.

 

[Mexican_Hippie]

I'm hope the demand stays like this long term and production is ramped up, rather than it all slowing down. More shooters = good for us.

Eventually prices would go back down and maybe even more than before due to larger economies of scale.

 

[Southpaw]

The one thing many of these guys out there flipping guns and ammo may forget, is that all that income may get them into trouble with the IRS if not reported. And it doesn't have to happen right away. They could end up with a notice 5 or so years from now and end up owing a lot of money for all that unreported income. I wouldn' worry about the Feds making a case against them for misrepresentation on a 4473 as much as the Fed's coming at them for back taxes and/or tax evasion.

 

[Anger]

I have no idea what he checked off on the 4473, or what he declared. The point of my post, was that 10/22's can be found at Walmart for msrp. You really live up to screen name.

Ah, I thought your point was your friend bought and sold some guns at "friggin gun prices" (as is the topic of this thread), not as "hey good prices to be found" as you replied.

I'm simply pointing out that there are things such as the Form 4474, income tax statements, and yes State sales tax statements to be on the look out for when flipping. No, just because he paid sales tax on the purchase doesn't mean he's not liable for state sales tax on the sale. The purchase sales tax can be written off against the sale-sales tax that needs to be collected. These idiots who are buying and flipping, such as your friend who bought three (3) 10/22's are a HUGE part of the problem. My screen name is me, thanks for the compliment.

 

[TxBigfoot]

Ah, I thought your point was your friend bought and sold some guns at "friggin gun prices" (as is the topic of this thread), not as "hey good prices to be found" as you replied.

I'm simply pointing out that there are things such as the Form 4474, income tax statements, and yes State sales tax statements to be on the look out for when flipping. No, just because he paid sales tax on the purchase doesn't mean he's not liable for state sales tax on the sale. The purchase sales tax can be written off against the sale-sales tax that needs to be collected. These idiots who are buying and flipping, such as your friend who bought three (3) 10/22's are a HUGE part of the problem. My screen name is me, thanks for the compliment.

He has1 left for $500, if you're interested. I'll ask him to knock off a few bucks for you.

 

[tmd11111]

Hang in there. Just like four years ago this will blow over and things will slowly get back to normal in a few months.