[Cboldt]

-- Well shouldn't those deranged family members also forfeit that $250,000 as well? --

They probably will! Inheritence and gift tax will be assessed on the value of the inheritence, BEFORE they destroy it.

[Sasparilla]

I hate autocorrect

[Covenantor]

hehehe....silly heirs could end up owing more than the 250k when all is tabulated.

All it would take to stop the destruction would be one heir getting an injunction against destroying estate assets.

[Rusty0604]

Will they be taxed on the value of the weapons that they destroy? If so, will they proudly pay it with a pious smirk on their faces?

[yefragetuwrabrumuy]

This was my thought as well. The IRS always wants its pound of flesh.

What really sent this message home to me was when an apartment building owner wanted to retire, and really liked his tenants, so decided to give the building to them, or sell it for a nominal value. The IRS intervened and said that he would still have to pay the same capital gains tax *as if* he had sold the apartments at the going rate, which was several times greater than the apartments cost to build in the first place, way beyond his ability to pay.

Unlike used electronics and other household goods that are part of estates, that are often fractionally valued in probate (like a valuable Persian rug assessed by the inheritors as “used rug”), serviceable guns are assessed at close to market value.

And I bet a goodly number of those guns were NFA (1934).

“If the decedent had lawfully possessed an NFA weapon, the executor must have the registration and tax documents. The Federal regulations allow an executor a “reasonable time” (generally, before the estate is closed) to transfer a lawfully possessed NFA weapon to an heir or beneficiary, provided that the recipient may lawfully possess it. The transfer must be made in accordance with all federal and state laws and must be properly documented.”

[Oldeconomybuyer]

>>> tax will be assessed on the value of the inheritence, BEFORE they destroy it. <<<

Classic!

[stylin19a]

250k in cash ? I'm surprised the leos or feds haven't already confiscated it.

[mountn man]

Estate has to be over $5 Mill. Tax is on anything over that.

[Axenolith]

Cutoff before that kicks in is about 5 million dollars...

[dangerdoc]

Excellent point. I would love to see the look on their faces when they destroy the guns then get a $400,000 bill from the IRS.

Serve them right to have to mortgage the house to fund their anti-gun bigotry.