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Originally Posted by FrankenMauser
The same licensing and tax requirements that apply to loaded ammunition also apply to components. Bullets, under the definition of ammunition used to regulate items subject to the excise tax, are ammunition on their own. It doesn't matter if they are not in a loaded cartridge.
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Bullets may be subject to the excise tax (I don't know, I'm not a tax attorney) but you don't need an FFL to produce and sell bullets.