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Queston On Ruger's Charity Auctions
competentone
Member Posts: 4,696 ✭✭✭
As most here probably know, Ruger runs charity auctions on the auction side. For example: http://www.GunBroker.com/Auction/ViewItem.aspx?Item=352950844
I've noticed this in their description on their two current auctions: "the winner of this auction will be responsible for paying the Federal Excise Tax."
Can anyone explain this to me? I assume there must be some law where firearms held by the manufacturer, and not shipped for sale, are not taxed until/unless, at some point they are sold -- which is the case now -- but I'm curious as to the details. Particularly about how much the tax would be? Is it determined based on the selling price? How much could a person be responsible for in addition to the winning bid amount?
I've noticed this in their description on their two current auctions: "the winner of this auction will be responsible for paying the Federal Excise Tax."
Can anyone explain this to me? I assume there must be some law where firearms held by the manufacturer, and not shipped for sale, are not taxed until/unless, at some point they are sold -- which is the case now -- but I'm curious as to the details. Particularly about how much the tax would be? Is it determined based on the selling price? How much could a person be responsible for in addition to the winning bid amount?
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