Matthew Quigley Rifle

[w.b. masterson]

I assume by now everyone has noticed that the NRA is offering the real Quigley rifle as a prize in their fundraiser this year.  Hope everyone also noticed that it and the safe that goes with it has a declared value of $102,000.  Last time I looked at the IRS regulations, that means whoever wins this baby is going to have to pay income taxes at their marginal tax rate.  Wow, that's a lot of simoleons for me. 

BAT

[The Arapaho Kid]

So what you are saying here is.....someone will win this rifle and safe....then have to pay taxes on it?  That doesn't seem all that fair to me. If you win something...you shouldn't have to pay for it, or pay taxes on it.  Winning cash, like in a Lotto....that I can understand, but to win a material object like the rifle and the safe....why does the winner have to pay for it through taxes?  Someone  is ripping someone off here.

[Cheyenne]

I doubt the NRA will send you a 1099 or W-2 form on the prize.....yes, technically you do have to declare it as "income".....so how many have won guns at a SASS match and paid income taxes on them? 

Where's the 'nog? 

[Forty Rod]

"Someone is ripping someone off here." 

Gee, Kid, do ya think?  Could it be a group of armed desperadoes....like the IRS, for instance? 

BTW, IRS stands for It's Really Stealing. 

And if you think it isn't armed robbery, check to see how many tax agents carry guns. 

Sorry.  Where do you suppose that soapbox came from? 

[Pukin Dog]

Cheyenne:

I doubt the NRA will send you a 1099 or W-2 form on the prize.....yes, technically you do have to declare it as "income".....so how many have won guns at a SASS match and paid income taxes on them?

Well the IRS may not know about you winning a $500 rifle at a SASS match, but I'll bet $100 that the NRA informs the IRS that it is handing out a $100,000 prize.  They have to on that much.

And yes you will have to pay the taxes on it.  Just add the amount to your adjusted gross and you are most likely looking at a very hefty tax bill.

So unless you have a spare $20,000 laying around, figure on selling it to pay the tax man.

Sometimes life just ain't fair.

[J.D.Cayhill]

I wonder what would happen if you challenged the NRA estimated value with other lower appraisals? It would be tempting.

But knowing the IRS, they would probably just add them all together.

[w.b. masterson]

I'd bet the amount stated in the ad is the cheritable contribution that Selleck set for the rifle he contributed.  The way this works is that if someone like Selleck claims a cheritable contribution, the winner of the prize has to pay a tax based on the cheritable contribution amount.

Frankly, most of us couldn't afford to win this prize.  Too bad!

BAT

[J.D.Cayhill]

It is a shame, and you can bet this one won't get under the IRS radar either. It would be far cheaper just to order a new Quigley from Shiloh, along with a #1 Sporter, a Creedmore, and what ever other model appeals to you.

But to own Tom Sellecks rifle that was used in the movie, there has to be a way!!!.....Do any of you know how much a kidney will fetch on the black market these days???

[Forty Rod]

J.D., I'll give you three dollars and nineteen cents.  It's what I got in my pocket.

[Four-Eyed Buck]

Well, that beats me, Forty! Just went to the grocery store ...........Buck

[J.D.Cayhill]

That's three dollars and ninteen cents down, only nineteen thousand nine hundred ninety nine dollars and eighty one cents to go.

I think I might run out of kidneys before we get there...

[Ol Gabe]

Pards, I might be wrong on this, but it runs in my feeble brain that the folks that built the rifle used in the movie actually made 3 of them, 2 for 'shoot-&-go' and one for 'closeup to show', and Selleck got to keep one of the working models. Kinda-sorta remember reading that recently on another forum, BPCR.net maybe, not sure, anyway, it seemed that 3 were made for the movie.
Now, I can be wrong as ever on this but that is what I recall, of course its gettin' cold outside and the brain cells are startin' to clog up a bit...anyone else remember reading anything like that?
So, you might ask, WHICH of the 3 is the one that the NRA has? If its a working model and 'you' won it, you could always 'donate' it back to the NRA museum at the same value, thusly creating a 'wash' in the eyes if the IRS, potentially. You would have to declare the win then declare the donation, it would still appear as income on that years returns but it would also be a donation. Might talke some serious taxwork by a Pro, but it can be done. A benefit would be 'you' would have your name on it in the museum as the donator and could probably get your picture in an NRA mag, I dunno, anyway, it can be doable with a little effort. Might even be able to negotiate a yearly 'visit' for certain long range matches or gun shows...hmmm, sounds better already!
Best regards and never fret, it'll all work out jist fine!
'Ol Gabe
Addendum: Wednesday, 12/22/04 Well, boyos, the Ox cart jist got over the Mississippi River and the Post Rider dropped off my NRA mag today with the contest info and pic of Tom with the Big Baby on his shoulder. OH YEA BABY, I WANT YOU! My entry just went in so the rest of you can go ice fishin', or whatever it is you do this time of year! HAH! I'll tell you what I did IF I win it, yea, right, not in this lifetime! HAH!