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August 29, 2009
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The final ruling on ATF 41P (regarding NFA Trusts or legal entities and manufacturing/transfer of NFA items) was passed and signed by Attorney General Lynch on Jan. 4 (surely to coincide with the additional Executive Actions announcements this week). The ruling is actually a win for many in the NFA arena. What it does is 2 things.....
1) Adds background checks to responsible persons of the legal entity (trust, corporation, or other). No big deal.
2) This is the big one....it removes the current CLEO signoff requirement for individuals and replaces it with CLEO notification for both individuals and legal entities. This is a good one. For all those in states where NFA items are legal but you were stopped by the CLEO's unwillingness to sign off on the application, you're now free to register that SBR or Suppressor you've always wanted as in individual. No CLEO signoff required.
Additionally, it allows for the transfer of the NFA item to the beneficiary of the estate on a tax-free basis. This is also a nice benefit as the beneficiary avoids the $200 tax stamp required on each transferred item.
Overall this a really a win-win for both sides. So for all those that were previously held back by the CLEO and didn't want to go the way of an NFA trust.....you'll be good to go 180 days after the ruling is published in the Federal Register!
**UPDATED TO INCLUDE LINK TO THE RULING**
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Dans Club
December 4, 2011
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Pardon my ignorance but what is a CLEO?
Anything worth doing is worth doing well.
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If a man designed it, and a man built it, then a man can fix it.
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August 29, 2009
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SCORPIO said
Pardon my ignorance but what is a CLEO?
There's no ignorance around here....only good questions. Chief Law Enforcement Officer....typically the County Sheriff.
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Dans Club
March 25, 2013
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That is good news. My Brother in law is getting a Trust and we all can be on it. He was the 3 term Sheriff of a large County so getting a CLEO to sign off would not be hard. They still suspect he is the real Sheriff.
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