Becoming a class III ?

9mm I just watched this video on Knob creek, http://www.youtube.com/watch?v=_u1Qr...eature=related

This guy said he got his class III so he could buy new machine guns. He said its like $500 a year and what knot.

So can you own machine guns with a class III and not have to be a "gun shop"/seller ?
Click to expand...

Licensed dealers and manufacturers (FFL's) can pay the Special Occupational Tax (SOT) each year which allows them to deal in NFA toys. The only way for a dealer to acquire a "new" machine gun is to obtain one as a "dealer sample"........meaning a demonstration letter from a law enforcement agency is required prior to transfer.

When the FFL goes out of business or fails to renew his license he must transfer those machine guns that were "dealer samples" to another licensee or to a PD.

Note:
-there is technically no such animal as a "Class III" license.
-Only Dealers & Manufacturers can obtain the SOT permit for NFA firearms.
-The $500 per year special occupational tax is for engaging in the business of dealing in NFA firearms. If you use your SOT to only acquire NFA toys for your own personal use...........it comes very close to tax evasion.
 
medalguy Plus you didn't mention the cost and hassle of the State Dept registration and annual license requirements.
Click to expand...

If you are referring to ITAR, that only applies to manufacturers and has nothing to do with the SOT.

There is no annual license requirement....FFL's are issued or renewed for three year periods. The SOT tax is paid yearly.
 
You must log in or register to reply here.
Back
Top