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I think that is a little excessive. The Form 4 is not a license to possess, it is a record of tax payment and registration. Unless ownership is being transferred, BATF is not further involved. Leaving the gun in a friend's house might be considered as a transfer, but I doubt that allowing someone else access to it in your house could by any stretch be considered as transferring ownership. Obviously, a machinegun is not only a dangerous weapon, but also a very valuable one, so it should be handled accordingly.
Jim
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