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To further [muddy|clarify] the waters, it's not terribly difficult to petition the ATF to declare a firearm a curio or relic or to have it removed from the NFA. In particular, if you look through the C&R book, you'll see a number of examples of specific Winchester rifles, identified with serial numbers, that were manufactured with short barrels. Normally, they'd be an SBR, regulated by the NFA. All it takes is a request, accompanied by a letter from, say, the curator of a museum attesting to the value of the item as a curio or relic and the ATF can exempt it from the NFA and put it on the C&R list. That's not to say they will, but it's not too tough to ask.
But, as EOD Guy posted, the gun in the OP probably fits the exemption already allowed.
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Well we don't rent pigs and I figure it's better to say it right out front because a man that does like to rent pigs is... he's hard to stop - Gus McCrae
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