Articles Posted in Form 1 – 5320.1 Manufacture

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Prior to November, the time to approve a Form 4 was less than 8 weeks.  After November 20th, the number of people purchasing NFA items significantly increased and as a result the time to receive an approval on their ATF Form 4 or Form 1 increased to more than 6 months at their peak (26+ weeks).

Good news as I have recently heard from several of our clients that the Approval process is beginning to shorten.  Last week I heard from a client who stated that his NFA Firearms Trust approval time was between 4 and 5 months. 

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Joshua Prince a 3rd year law student has written an article on the BATFE approving an invalid trust.  Apparently an  individual on Silencertalk.com received back two approved Form 1’s and on the back of one of his forms it stated “Consult counsel w/ the filing of your trust, proves to be invalid”

There have been several articles on why Quicken should not be used for creating a trust including an article by Mr. Prince which applies PA law to some factors I found as well as Using Quicken to prepare a trust: The good, the bad, and ugly! 

Josh contemplates that while the trust is invalid no transfer can take place and the the assets in the trust could be subject to a forfeiture action and anyone in possession could be subject to criminal charges for invalidly being in possession of a Title II firearm without properly transferring the firearm.

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THE NATIONAL FIREARMS ACT

TITLE 26, UNITED STATES CODE, CHAPTER 53 INTERNAL REVENUE CODE

The National Firearms Act (NFA) is part of the Internal Revenue Code of 1986. All administration and enforcement of the Internal Revenue Code, with the exception of the NFA, is by the Secretary of the Treasury. The ATF administration and enforcement was transferred to the Department of Justice under the Homeland Security Act of 2002.

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Contact Information
Florida Gun Trust Lawyer
Jacksonville Office
4115 Hendricks Ave
Jacksonville, FL 32207
Toll-Free: (877) 7GUN-LAW
Phone: (904) 866-4228
Fax: (904) 875-4081
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822 A1A N #310
Ponte Vedra Beach, FL 32082
Phone: (904) 425-1910
Fax: (904) 875-4081
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