Texas-Book-Gun Law Armed And Educated - Flipbook - Page 476
wishes to use the item. If an individual owns the item, then only the
individual can possess it. On the other hand, if the item is owned
by a trust, all trustees, including co-trustees, are able to possess and
use the items contained in the trust. Therefore, co-trustees may be
added or removed as necessary.
Further, unlike other entities such as corporations, LLCs, etc., a
trust requires no filings with the government to create, which saves
expenses. Further, these expense savings continue because there
are no continuing government fees or compliance requirements.
Thus, trusts are one of the best ways currently to own an NFA item.
F. The tax stamp
Once the ATF has an applicant’s materials
in hand, they will be reviewed and checked
by NFA researchers and an examiner. The
application will then either be approved or
denied. A denial will be accompanied by
an explanation of why the application was
denied and how to remedy it, if possible. If the
application is approved, the examiner will affix
a tax stamp on either the submitted Form 1 or Form 4 and send the
newly stamped form to the applicant.
This tax stamp on the appropriate form is a person’s evidence of
compliance with the NFA’s requirements and is a very important
document. A copy should always be kept with the NFA item.
What Is The National Firearms Act? | 465
