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NFA arms, even if classed as C&R arms, nust still be transferred, and the transfer tax paid. It can be transferred directly to you without going thru a class III dealer, but tax man still wants his share. Translation- you want a nice 1928 Thompson smg. Being made in 1928 it is C&R based on age. Being a machinegun, it is also an NFA arm, and you will need to pony up the $200 tax.
 

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Well, according to the Federal Firearms Regulations Reference Guide dated 2005, it appears that you still have to apply for a transfer of NFA weapons and pay the tax.

Page 188 - 189 question references Title 26 United States Code Chapter 53 subsection 5812 27 CFR 479 84-86
 
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