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Old 01-15-2010, 11:45   #5
DScottHewitt
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Quote:
Originally Posted by Archer-one View Post
Pardon my ignorance on this subject, but what does "Trust" mean?
I'm new to all this and just started dabbling into the terrible "black rifle" thing.
It somewhat simplifies the NFA/AOW process.

http://en.wikipedia.org/wiki/National_Firearms_Act

NFA items may also be transferred to corporations (or other legal entities such as a trust). When the paperwork to request transfer of an NFA item is initiated by an officer of a corporation, a signature from local law enforcement is not required, and fingerprint cards and photographs do not need to be submitted with the transfer request. Therefore, an individual who lives in a location where the chief law enforcement officer will not sign a transfer form can still own an NFA item if he or she owns a corporation. This method has downsides, though, since it is the corporation (and not the principal) that owns the firearm. Thus, if the corporation ever dissolves, it must transfer its NFA firearms to the owners. This event would be considered a new transfer and would be subject to a new transfer tax.
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