turbohardtop
Member
- Joined
- Mar 20, 2006
- Messages
- 43
I was wondering what resources/ applications everyone used to create living trust for class 3 licenses besides using lawyers. Thanks.
My class 3 dealer did all of the paperwork for me.--------------------------------------------------------------------------------
I was wondering what resources/ applications everyone used to create living trust for class 3 licenses besides using lawyers. Thanks.
I was wondering what resources/ applications everyone used to create living trust for class 3 licenses besides using lawyers. Thanks.
(M11) How does a person qualify to import, manufacture, or deal in NFA firearms?
The person must be licensed under the GCA and pay the required special (occupational) tax imposed by the NFA. After becoming licensed under the GCA, he or she must file ATF Form 5630.7 with the appropriate tax payment in the entire amount with ATF. In addition, an importer (except importers of sporting shotguns and shotgun ammunition) must also be registered with ATF under the Arms Export Control Act of 1976.
[26 U.S.C. 5801, 18 U.S.C. 923, 27 CFR 447.31, 478.41 and 479.34]
(M12) When must firearms special (occupational) taxes be paid and how much are the taxes?
These taxes must be paid in full on first engaging in business and thereafter on or before the first day of July. The current taxes are set out in the following table.
SPECIAL (OCCUPATIONAL) TAX RATES UNDER THE NFA
CLASS OF TAXPAYER
1 Importer of Firearms
(Including "Any Other Weapon")
$1000.00
2 Manufacturer of Firearms
(Including "Any Other Weapon")
$1000.00
3 Dealer of Firearms
(Including "Any Other Weapon")
$500.00
1 Importer of Firearms
(Including "Any Other Weapon")
REDUCED *
$500.00
2 Manufacturer of Firearms
(Including "Any Other Weapon")
REDUCED*
$500.00
REDUCED = Rates which apply to certain taxpayers whose total gross receipts in the last taxable year are less than $500,000
(M13) Does a single special (occupational) tax payment entitle a person or firm to import and manufacture firearms?
No. A separate special (occupational) tax payment must be made for each of these activities. However, Class 1 (importer) and Class 2 (manufacturer) special (occupational) taxpayers are qualified to deal in NFA firearms without also having to pay special (occupational) tax as a Class 3 dealer.
[27 CFR 479.39]
If you go the DIY law route, I cannot more emphatically recommend that you have an attorney look over your work. Sometimes the slightest mistake or ambiguity can turn into a legal disaster.