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5 steps to NFA (using a trust)

Discussion in 'NFA & Class III Discussion' started by tyromeo55, Oct 20, 2009.

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  1. tyromeo55

    tyromeo55 Sharpshooter

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    We will have to agree to disagree.

    A title is proof of registration and payment of a tax. not ownership. A form 4 is the same.... Proof of registration and payment of a tax.
     
  2. WhiteyMacD

    WhiteyMacD Sharpshooter

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    I emailed some lawyer in Houston named Marie. She said items are not be added to your Schedule A until after approval.

    A scenario was posed to me where ATF rejects. Technically the dealer cannot turn over the property therefore, you now have an item in your schedule A which you cannot legally own. She said it wasnt a big deal if you did it that way, but its not the *right* way to do it.

    I guess *right* is equivalent to it isnt *right* to eat your main course with a salad fork. Can you? Yeah, just not the way its supposed to be done.
     
  3. tyromeo55

    tyromeo55 Sharpshooter

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    Sounds like a real good source!

    I stand firm on my opinion. But, Martin is a stand up guy and has paid his 500 dollar SOT. So I would venture to say that a person would be in good hands following his procedure. I will just follow mine.
     
  4. WhiteyMacD

    WhiteyMacD Sharpshooter

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    Yes, almost as good as your quippy comment on it!

    http://www.nfa-trusts.com/

    Sorry, I messed up her name. Its Misty. Feel free to call or email her yourself.

    Thanks fer playin!

    :blush:
     
  5. tyromeo55

    tyromeo55 Sharpshooter

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    WE are getting nowhere and we could go back and forth forever.

    In the interest of keeping the site positive MODS PLEASE LOCK THIS THREAD
     
  6. SMS

    SMS Sharpshooter

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    Interesting thread, haven't gone down the NFA rabbit hole yet.

    You say the buyer can't 'own' it yet and therefore it can't be added to his trust yet.

    That makes sense to me, so if that is true do you subsequently NOT accept payment and NOT produce a bill of sale until after the form 4 is approved?

    Seems to me exchange of funds and a bill of sale prove ownership more than the form 4. But I know the red tape that must be navigated is insane so I don't expect the process to make much sense.
     
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