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Gunsmiths and class 3 ?

Yes ATF suggest you filling out form 5 and get approval before any actions is taken. And do the form 5 again when you return it to original owner. Form 5 is just registration transfer, I guess nfa needs to keep track of the item of all times.

http://www.atf.gov/firearms/faq/gunsmiths.html

Sounds like a hassle, I'd call them to verify sometimes they don't care.
 
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