SUBPART F Miscellaneous provisions SEC. 315.12 Relation to other provisions of law. The provisions of the act and of these regulations are in addition to, and not in lieu of, any other provision of law, or regulations, respecting the manufacture or importation of, or dealing in, firearms or ammunition. SEC. 315.13 Penalties. Section 5 of the act provides certain penalties for violation of the provisions of the act or these regulations, and for knowingly making any false statement in applying for a license or exemption. With respect to transactions and dealings declared unlawful and in violation of the act, see section 2 of the act. SEC. 315.14 Effective date.-These regulations, with the exception of subpart D which relates to records, shall take effect upon the date approved; subpart D shall take effect thirty days after the date of approval. Effective as of the date approved, these regulations supersede the provisions of T. D. 4834, approved July 25, 1938. JOHN W. HANES, Acting Secretary of the Treasury. [Filed with the Division of the Federal Register May 3, 1939, 12:01 p. m.] (T D. 4899) Amending article 44-5 of Regulations 94, article 44-5 of Regulations 101, and such article as made applicable to the internal-revenue code by T. D. 4885, all relating to gain or loss on disposition of installment obligations TREASURY DEPARTMENT, OFFICE OF COMMISSIONER OF INTERNAL REVENUE, To Collectors of Internal Revenue and Others Concerned: In the case of a decedent who dies possessed of installment obligations, no gain on account of the transmission at death of such obligations is required to be reported as income in the return of the decedent for the year of his death, if the executor or administrator of the estate of the decedent or any of the next of kin or legatees files with the Commissioner a bond on Form 1132 conditioned upon the receipt of the application and bond, the Commissioner shall notify the applicant that, by direction of the Secretary, his application has been granted or denied, as the case may be. An application for permission to continue in business during the pendency of an appeal from a conviction of violation of any provision of the act shall not be granted if on the facts of the case the applicant would not then be entitled to a license were he applying for a license (see section 315.3). In every case, the suspension of a license shall remain in effect until final action is taken upon the application, if made, for permission to continue in business during the pendency of an appeal from the conviction. If such application is granted, the suspension is set aside until final action upon the appeal from the conviction, at which time the case will be disposed of according to the outcome of the appeal. If the application for permission to continue in business is denied, or if no such application is made, the suspension of the license remains in effect throughout the pendency of the appeal and final action will then be taken in the case as may be required by the outcome of the appeal. The granting of an application to continue in business during the pendency of an appeal from a conviction of violation of any provision of the act does not extend the term of the license. If a license expires by lapse of time before the appeal is decided, the licensee must procure a new license if he desires to continue to transport, ship, or receive firearms or ammunition in interstate or foreign commerce. The new license shall stand in place of, and be subject to the same conditions as, the old license, that is, the new license shall be subject to revocation if the conviction is not set aside. If upon appeal the conviction of a licensee of violation of any provision of the act is not set aside, or if no appeal is filed, his license shall be immediately revoked pursuant to the provisions of section 3 (c) of the act, and the Commissioner shall immediately notify such person thereof by registered letter addressed to his last known address. The forfeiture of a license for violation of any provision of the act is a separate and distinct penalty in addition to any other penalties which may apply in the case, whether imposed under section 5 of the act or under any other provision of law. A person whose license has been revoked for violation of any provision of the act may, if otherwise entitled to a license (see section 315.3), again be licensed to transport, ship, or receive firearms or ammunition in interstate or foreign commerce, but not until the expiration of two years from the date of the revocation of the previous license. In such case, the application for the new license shall be filed with the collector in accordance with the provisions of section SUBPART D Records SEC. 315.10 Records.—(a) Manufacturers.—Each licensed manufacturer shall maintain complete and adequate records of all firearms and ammunition disposed of in the course of his business, including any firearms or ammunition acquired from other manufacturers or dealers The records shall show and include: (1) the number of the firearms of each type, together with a full and adequate description thereof, including the serial numbers if such weapons are numbered; (2) the types, and quantity of each type, of ammunition; (3) the name and address of each person from whom the firearms or ammunition, if not the manufacturer's own product, was acquired, and the date of acquisition; and (4) the disposition made of the firearms or ammunition, including the name and principal address of each transferee, the address to which delivered, and date of disposition. (b) Dealers. Each licensed dealer shall maintain complete and adequate records of all firearms acquired or disposed of in the course of his business. The records shall show and include: (1) the number of the firearms of each type, together with a full and adequate description thereof, including the serial numbers if such weapons are numbered; (2) the name and address of each person from whom firearms are acquired, and the date of acquisition; (3) the disposition made of the firearms, including the name and principal address of each transferee, the address to which delivered, and date of disposition. (c) General.-The records prescribed by this section shall be in permanent form and shall be retained for a period of not less than six years from the date of the transactions to which the records relate. Such records must be held available for inspection during business hours by any authorized officer or agent of the United States engaged in the performance of his duties under the act. SUBPART E Exemptions SEC. 315.11. Exemptions.-(a) General.-Under section 4 of the act, the provisions of the act do not apply with respect to the transportation, shipment, receipt, or importation of any firearm, or ammunition, sold or shipped to, or issued for the use of— (1) the United States or any department, independent establishment, or agency thereof; receipt of the application and bond, the Commissioner shall notify the applicant that, by direction of the Secretary, his application has been granted or denied, as the case may be. An application for permission to continue in business during the pendency of an appeal from a conviction of violation of any provision of the act shall not be granted if on the facts of the case the applicant would not then be entitled to a license were he applying for a license (see section 315.3). In every case, the suspension of a license shall remain in effect until final action is taken upon the application, if made, for permission to continue in business during the pendency of an appeal from the conviction. If such application is granted, the suspension is set aside until final action upon the appeal from the conviction, at which time the case will be disposed of according to the outcome of the appeal. If the application for permission to continue in business is denied, or if no such application is made, the suspension of the license remains in effect throughout the pendency of the appeal and final action will then be taken in the case as may be required by the outcome of the appeal. The granting of an application to continue in business during the pendency of an appeal from a conviction of violation of any provision of the act does not extend the term of the license. If a license expires by lapse of time before the appeal is decided, the licensee must procure a new license if he desires to continue to transport, ship, or receive firearms or ammunition in interstate or foreign commerce. The new license shall stand in place of, and be subject to the same conditions as, the old license, that is, the new license shall be subject to revocation if the conviction is not set aside. If upon appeal the conviction of a licensee of violation of any provision of the act is not set aside, or if no appeal is filed, his license shall be immediately revoked pursuant to the provisions of section 3 (c) of the act, and the Commissioner shall immediately notify such person thereof by registered letter addressed to his last known address. The forfeiture of a license for violation of any provision of the act is a separate and distinct penalty in addition to any other penalties which may apply in the case, whether imposed under section 5 of the act or under any other provision of law. A person whose license has been revoked for violation of any provision of the act may, if otherwise entitled to a license (see section 315.3), again be licensed to transport, ship, or receive firearms or ammunition in interstate or foreign commerce, but not until the expiration of two years from the date of the revocation of the previous license. In such case, the application for the new license shall be filed with the collector in accordance with the provisions of section. SUBPART D Records SEC. 315.10 Records.—(a) Manufacturers.-Each licensed manufacturer shall maintain complete and adequate records of all firearms and ammunition disposed of in the course of his business, including any firearms or ammunition acquired from other manufacturers or dealers The records shall show and include: (1) the number of the firearms of each type, together with a full and adequate description thereof, including the serial numbers if such weapons are numbered; (2) the types, and quantity of each type, of ammunition; (3) the name and address of each person from whom the firearms or ammunition, if not the manufacturer's own product, was acquired, and the date of acquisition; and (4) the disposition made of the firearms or ammunition, including the name and principal address of each transferee, the address to which delivered, and date of disposition. (b) Dealers. Each licensed dealer shall maintain complete and adequate records of all firearms acquired or disposed of in the course of his business. The records shall show and include: (1) the number of the firearms of each type, together with a full and adequate description thereof, including the serial numbers if such weapons are numbered; (2) the name and address of each person from whom firearms are acquired, and the date of acquisition; (3) the disposition made of the firearms, including the name and principal address of each transferee, the address to which delivered, and date of disposition. (c) General. The records prescribed by this section shall be in permanent form and shall be retained for a period of not less than six years from the date of the transactions to which the records relate. Such records must be held available for inspection during business hours by any authorized officer or agent of the United States engaged in the performance of his duties under the act. SUBPART E Exemptions SEC. 315.11. Exemptions.-(a) General.-Under section 4 of the act, the provisions of the act do not apply with respect to the transportation, shipment, receipt, or importation of any firearm, or ammunition, sold or shipped to, or issued for the use of (1) the United States or any department, independent establishment, or agency thereof; |