Guy has an NFA registered item (AR15 with 11.5" barrel) and selling FTF in my state. Am I required to do a Form 1? Or since he has already done it, am I only required to notify ATF that I am now owner of NFA firearm.
A transfer between two non-SOT's who are residents of the same state goes on a Form 4. $200. Parties must wait until it clears ATF and is mailed back approved to change possession of item.