As posted.... If it's already in the NFA registry, it would have to be transferred from the legal owner of record. In theory, it can't just be "re-registered"... I say "in theory" because I'd expect that the ATF would catch the fact the the original serial number is already in the registry, but with the gubment.... who knows?
If it were just, for example, some sawed off shotgun or SBR that had never been in the registry, it could be Form 1'd into a legal NFA weapon. If this were the case, I'd take the gun apart until I had an approved F1 in my hand.
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