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Old September 7, 2012, 11:40 AM   #1
MJ1
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Donated M1

Not to long ago the widow of a WW2 vet and club member walked in and donated one of her late husbands rifles and as a non-profit the American Legion gave her a receipt for $500 donation for tax relief.



Have you planed for the future of your stuff?

Cheers
..MJ..
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Old September 7, 2012, 12:09 PM   #2
Aguila Blanca
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$500? For that?

Your club is a bunch of pikers IMHO. What would it have cost them to make it out for $1,000 ... for a rifle that's undoubtedly worth more than that?
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Old September 7, 2012, 01:23 PM   #3
Stressfire
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Nice looking rifle
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Old September 7, 2012, 01:51 PM   #4
bedbugbilly
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A very nice donation for sure and I'm sure your Post was happy to have it for display . . . but . . I agree on the amount for the receipt of the donation. The IRS now requires that paperwork be submitted in regards to donations. IMHO, a photograph of the rifle should be furnished to the widow (perhaps one was?) and a receipt reflecting the true value of the donated item furnished to her. If you can buy one as nice as this one looks for $500 . . . I'll put in a standing order for 100 of them.

In my community, donations such as this have been made to the Post over the years by well intentioned folks. Unfortunately, once donated, many of them have "walked out the back door". This hasn't happened just once but many times. It has also happened with our local Historical Society as well. I have collected for over 50 years. Yes, I have thought about it and after seeing what I have in regards to folks making donations like this, I have taken care of it with explicit instructions as to how any items remaining in my collection are to be liquidated. My wife and I don't have children so there is no one to "pass' them on to. For that reason, they will be liquidated at "fair" market prices and then the $$ will be donated to charitable organizations which will help others.

Again . . . . I think it was great that she donated to your Post and tht you have it on display . . you obviously have taken care to protect it in a beautiful display case . . . . and hopefully it will remain there for years to come. I just think you've opened yourselves up to some possible criticism by those in your community and organization in regards to the $ amount that you acknowledged - which in return, could come back to bite you later on.
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Old September 7, 2012, 07:18 PM   #5
DoctorXring
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.


This brings up an issue that I am working on myself at this time.

Both of my kids are only very mildly interested in firearms. Neither
are interested in collectible firearms. My wife is a shooter, but
entirely of pistols.

Our primary strategy is that once I get to where I really am not at
a point to enjoy my rifle collection, I will sell it off. But... what if I get
nixed by someone texting their significant other and does a head on with
me on the highway tomorrow on the way home from work ?

I am in the process of cataloging each firearm with specifics that
would be necessary to obtain optimum results in a firearm auction.
I am also building a photographic record of each firearm. Then if
I do depart early, all she has to do is put each item on Gunbroker
with a 14 day auction period and let the market take care of giving
her maximum benefit from each sale. She really does not need
to know anything, just put the auction up with the description that
I have cataloged along with the photographs I have made. If we
are both "in the car", then my kids will have the information they
need to get maximum benefit.


.
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Old September 8, 2012, 03:23 PM   #6
Eghad
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If my nephews don't want them or they turn out to not be responsible people. I will give them to friends or have them sold so somebody can enjoy them. I hope you guys have that secured well to the wall and well secured being right next to an exit door.
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Old September 10, 2012, 02:58 PM   #7
MJ1
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;(

Well Mr blanca that was the limit we are allowed by the IRS as a tax exempt non-profit.

I can see sharing events with with you is a waste of time. The widow didn't want anything but we insisted on the max.
Piker how kind of you when you don't know the details to slander a veterans organization.
Have a nice day.
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Old September 10, 2012, 11:38 PM   #8
samson 3
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my buddy just bought a numbers matching m1 for 200 bucks at a gun show this past weekend.
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Old September 11, 2012, 08:40 AM   #9
jclayto
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Samson,
Not to discredit your friends purchase but there is no such thing as a numbers matching M1. M1's have a serial number on the receiver, all other numbers are drawing numbers specific to the part.

Even at that.. any M1 for $200 was not a bad purchase. Rack grades had made it up to ~400 back when CMP had them.

Jon
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