This one sounds like BS, but the Federal Excise tax does cover component bullets (original manufacturer). Many gunshow casters don't have their Class 06 FFL, though. Most small-time casters think they can interpret the Federal regulations better than the ATF, but never make it to the actual definition that matters:
Quote:
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Originally Posted by 18 USC 44 ยง 921(a)(17)(A)
The term "ammunition"
means ammunition or cartridge cases,
primers, bullets, or propellant powder
designed for use in any firearm
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