National Firearms Act (NFA) | everything you ever wanted to know about lawful ownership including...
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Transcript of National Firearms Act (NFA) | everything you ever wanted to know about lawful ownership including...
A. HISTORICAL BACKGROUND
Enacted in 1934Combat the flow of “Gangster Firearms”Restrictions on:
ManufactureOwnershipTransfer
B. APPLICABLE FIREARMS
Machine GunsShort Barrel RifleShort Barrel ShotgunsAOWs and Destructive Devices
D. LAWFUL OWNERSHIP
IndividualMost lengthyCLEO, fingerprint and photoRestricted possession
CorporationSome flexibilityMost expensiveNo estate planning
TrustMulti-Person AccessNo CLEOEstate Planning
Components to a trust Parties
Trustor / Settlor / Grantor Trustee Beneficiary
Essential Elements Address Property (Schedule A)
E. NFA TRUST PARTIES
The process: ATF investigators review to check that trust doesn’t appear
to violate state law ATF approval of NFA trust does not mean a trust is valid
under state law No trust registration – only upon application is trust
reviewed Control of NFA applications (gun shop or customer mailing)
F. ATF TRUST REVIEW
II. ATF PROPOSED CHANGES
27 CFR Part 479Responsible PersonsBackground ChecksChief Law Enforcement Signature
Form 1 – Non-licensee manufacture of NFA fi rearmForm 2 – Manufacture of NFA fi rearmForm 3 – Tax Exempt TransferForm 4 – Tax Paid TransferForm 5 – Tax Exempt Transfer – Lawful Heir
III. NFA SPECIFIC FORMS