New Suppressor /trust question

**1096369fred** · September 30th, 2015, 01:14 PM

Hey Troops,

I just bought a Silencerco Omega at Classic Pistol, and they were great, Jeremy gave me 2 copies of my Form 4,
And I get that I have to print a copy of my Trust to include with my application.... (And $200 bucks of course!)

But....

Dumb question, do I list the new suppressor in the Trusts list of assets now, or wait till my stamp comes in.....
Sorry I have seen this answered both ways online.... And for once would like to do it the right way the first time! Also no certificate of compliance is required with a trust, Correct?

Any other pitfalls I should watch out for?

I just got the hang of efiling..... It is a shame we can't efile with this kind of transfer!

Thanks!
Fred

**esh21167** · September 30th, 2015, 08:24 PM

For every SBR Form 1 I filed, I included the firearm being applied for on my Schedule A. All approved. I filed a Form 1 to build a suppressor a few weeks ago and did the same thing. Not the absolute answer you want, but I don't see why a Form 4 would be any different.

I've heard through Internet rumor, opinion, and here-say, that each trust documentation may be a bit different. The details in my trust instructed me to add the item being applied for on the Schedule A and include that Schedule A with each application. So far, so good. Does your trust make mention either way?

**1096369fred** · September 30th, 2015, 11:17 PM

Just happened on this article the author say not to list the new item as an asset, until your tax stamp is returned......

http://ncsilencer.blogspot.com/2011/...fa-trusts.html

**BeeMo** · September 30th, 2015, 11:26 PM

Congrats on the purchase!

Technically speaking, the Form 4 is an "Application for Tax Paid Transfer and Registration of Firearm." Your trust does not own and cannot possess the suppressor until you get your approval and stamp, so I would not include it on a schedule of assets before receipt. Likewise, dealers do not include items transferred via Form 3 in their A&D books until they have approved transfer and possession of the item.

In the Form 1 context, the applicant already has the firearm in its possession, so it is appropriate to list it on the schedule of assets because the trust is already in legal possession of it and is applying to change its registration status with ATF.

That being said, I don't believe an examiner is going to get hung up on whether you included a suppressor in your schedule of assets prematurely. ATF already knows every NFA item you have anyway, right?

Regarding the 5330.20, ATF long ago said that it was not required for corporations or other entities in an FFL newsletter. However, I still hear of people sending in the form because they read about other people doing it on the internet as a precaution. I have no personal knowledge of a trust transfer being denied for lack of a 5330.20 for what it's worth.

Hope that helps you out.

**ExFlyinguy** · September 30th, 2015, 11:31 PM

I think you are going to get arguments to support both ways. I did not list my silencer as an asset until after I received my tax stamp back as I bought in to the belief that the item is not yet possessed. The trust does however have to have something of value in it for it to be valid. You may read that many put 1 US dollar in it. I chose to put a rifle in my trust.

YMMV. Congrats on the purchase!

**1096369fred** · September 30th, 2015, 11:35 PM

Thanks Gents,

Yes it helps a a lot! This stuff isn't hard, but when dealing with ATF, it is nice to have your hand held..... On my last
Form 1 I stupidly put my Name in the Name box.....( Should have put my trusts name!), that little screw up cost me a month in wait time.... And "Uncle" got to play with my $200 bucks for three months..... Interest free! I would rather not make that mistake again!

Thanks!!!
Fred

**bowkillpa** · October 1st, 2015, 02:36 AM

Only add assets that have acquired dates...meaning received a tax stamp for. Personally, I go with the date that my examiner approved my application.

However, like you my first suppressor I filled in the blanks on the asset sheet and under date I added a sticky note stating "pending" meaning the examiner..lol.. It made no difference...

**codename** · October 1st, 2015, 09:35 PM

I've been told that the ATF doesn't really validate the validity of a trust, which may include the schedule of assets. That may change if they decide to start doing a legal review of the trusts.

Just something to keep in mind.

**ftownkev** · October 27th, 2015, 06:50 PM

I will agree they don't really validate the trust I have purchase 5 items with my trust all at different times and never added any of the items to the trust still to this day. Maybe I'll do it this weekend lol.

Originally Posted by codename

I've been told that the ATF doesn't really validate the validity of a trust, which may include the schedule of assets. That may change if they decide to start doing a legal review of the trusts.

Just something to keep in mind.