This is not correct. Once you get it approved you can form 4 it and transfer it to your trust. There is also a tax free way for your children or who ever to receive it. Simply put it in your will who it goes to then upon your death they fill out a form 5, application for tax exempt transfer. It must remain at the address on the original form 1 (or 4) until the form 5 is approved.
If this is correct I might get my wife to kiss you if ever met in person. Figure you rather kiss her than me ;-) If able to transfer an amnesty gun into one of my Tursts (have thre, one backe my dad on when I was a teenager and couldn't buy toys in my name, a pre Obama Trust that just goes to a Trustee and post Obama Trust) without paying $200 per pop I want an entire binder of ATF stamps like a 90 year old guy with his lifetime stamp collection.
I paid to have a Family Trust drawn in dads name with me as Trustee and heir at age 17 and had five items in it before age 21 when I took it over. Have a pre Obama 41P Trust and post Obama 41F Trust so the horses slipped out of the gate a long time ago. In the six months leading up to 41F deadline added eight suppressors to my 41P like many others and bet Obama sold more suppressors than any other president as folks like me loaded their older Trusts. No way would I have added what turned out to be nine suppressors to my collection in a year had it not been for the rule change.
Almost everyone I knew that were gun people but had no NFA items set up last minute Trusts and bought a few suppressors. Ever manufacturer, distributor and retailer I knew were selling cans as fast as they could make them. In one day I helped the senior pastor, associate pastor, administrative pastor and three men on our church security team through setting up 41P Trusts using Silencershops online tool, we witnessed each others Trusts and had church secretary motorize them. Then we went to my LGS and all ordered at least two and most three, four or more.
Advised those that could to buy one multi-caliber rifle can and one multi-caliber pistol can for each child and grandchild. Senior pastor had one grandchild born a matter of two weeks before the deadline and bought that grand-kid three suppressors before he had his eyes open well. He was smart and set up separate 41P Trusts for each kid and grand-kid so upon his death wouldn't be difficulty splitting items in one Trust between three kids and four grand-kids.
Feds haven't realized rule changes just cause a rush to "top-off" on whatever before rules change. Have started by doing the online applications for the AR pistols I know are affected. Have at least a dozen 7.5" to 12.5" un-built barrels that are "spares" or bought cause caught them cheap. Tomorrow am calling my Trust lawyer for an appointment to see how he interprets this rule and amnesty. If able to use it to basically create a pile of NFA SBRs or "bastard" SBRs will screw all I can together.
Have a few unused pistol braces and LGS said they alrady have people bringing in pistols to have long muzzle devices pinned, barrels swapped and braces swapped to stocks that are "scared" of letting the Feds know they have ARs or other similar firearms. I have always thought tax stamped NFA firearms may be the last ones to be confiscated as gun laws change because they have such good paperwork trail and to my knowledge only one or two NFA registered firearms have ever been used for a crime. I learned the ATF agents almost write NFA holders off as threats.
Bach when I was getting all the $19 lowers and selling half of each order to LGS was when ATF agents came through town auditing every LGS. Am prone to buy deals so one shop selss me deals on occasion if buy a half dozen rifles or more. They had been audited and the agents saw where I had bought 18 Smith & Wesson M&P15s in three buys and six DPMS AR10s in a single buy plus others. At another LGS they saw my name pop up on dozens of SIG pistols especially SIG 1911s. They happened to be auditing my preferred LGS for transfers the day had 120 AR 15 lowers arrive.
I arrived, walked behind counter into storage room where they were going through records (for those that think they don't really look at 4473s have never seen a shop audited) as I pulled two 30 count boxes of lowers off the shelf. this was their third day in the shop and I was in so much they assumed was an employee so asked me "is that guy who buys so many lower receivers in?" and I said I am that person. (buy lots of AR 10, FN FAL, L!a1, 1911 and other receivers. They asked if willing to answer a few questions but was not obligated or required. I always figure complying with cops or government men is always easier than forcing them to get a warrant.
Sat at table and explained I enjoy building guns, stay below my 40 per year personal limit and "never" sell anything I build as they are my toys and will just pass to heirs. They had sen a fair number of suppressor Form 4s and I went to truck and brought in briefcase with photocopies of all the paperwork and forms for three Trusts. Explained I bought the AR lowers for $19 each, sold half to shop for $39 each making mine free when all was done as they were not charging me transfer fees and can put 30 serial numbers on a single 4473. Agents said if could get same deal, wives would let them buy parts to build 24 to 36 firearms per year they would do same thing.
Back in 1996 when Olympics were in Atlanta the rowing events were in my back yard. From my deck or dock could see the rowing lanes, grandstands and awards podium. Our house was behind the security line so from 30 days before opening ceremony till final day of event had to go through roadblock to get home and come home for lunch most days. first day of the roadblock was a fiasco as had a brand new "tactical turn bolt" with huge scope from my custom bolt gunsmith in front seat, AR 15 in lock behind seats and wearing a 1911. Took over two hours of radio traffic between local and federal officers to determine the 2nd Amendment was not suspended for the Olympics.
I began leaving house everyday with something like a M14, suppressed Ingram M11a1, H&K MP40 or HK91/G3, AC 556 and all sorts of really evil looking guns. My dogs really didn't like the teams the were patrolling the shoreline, especially after dark especially when a group would walk our fence-line to avoid areas with heavy brush. After about two weeks of this came home for lunch and had knock at door. it was group of men in suits from ATF and FBI wanting to ask about our firearms storage. Invited them in but they said didn't have a warrant and I said it didn't matter, wife would put on pot of coffee and we would go to the gun room.
When they saw we have a concrete room in basement with a vault door and line of professional TL-15 and TL-30 rated safes, all the reloading then ammo in OSHA explosion proof fire lockers they were happy. When wife brought everyone coffee and I began opening safes and letting them play with the toys were even happier. Cops and agents like cooperation and the more open you are the happier they are. I believe we are going to eventually see a ban on new sales of our toys, bans on manufacturing of high capacity magazines and even loss of some toys we already own like they took bump stocks. Believe the last firearms affected will be those with ATF stamps in legal Trusts. Even have one listed under my corporation as it has a sideline of ballistic barriers and security services.
If you don't want to be in "the system" start converting even pistols currently not affected to rifles as all will eventually get the "bump-stock slap down". If its in any way a pistol and not already a NFA registered SBR expect it to be regulated away eventually. I am taking the chance this loophole will allow me to legally keep mine longer so going to play ball. If they come after NFA stuff I am screwed as have most of my "retirement" or "savings" tied up in such stuff.