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SOT deceased: What happens to inventory and pending transfers?


mnshooter
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A local SOT, the sole owner and operator, passed away unexpectedly.

The doors are closed for now; his heirs live nearby, and are agreeable regarding the disposition of the business,

but without a will, it is almost certainly going to go through probate.

His NFA items are all suppressors and possibly an SBR.

What needs to happen with the purchased but still pending form 4 items, as well as unsold NFA inventory?

Another local SOT, also well known to all customers, is available to assume all of the items and transfers.

 

What is ATF likely to handle this?

Thanks

Edited by mnshooter
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Depends on the estate executor and what type of business. The pending transfers can be completed by the executor if a sole proprietor or one man show LLC/Corp. If the executor contacts the local industry operations field office and requests assistance, it will most likely be provided to whatever degree necessary. Given the circumstances, they *may* be able to get pending work done quickly and in one shot vs trickling in over weeks/months. Unsold inventory can be transferred tax free to another SOT prior to July 1; Otherwise they can be disposed like any other privately owned items by paying the transfer tax.

 

If the business was an LLC/Corp with other members/officers, the business can continue on with no issues.

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