Let me add:
1. go see
www.cruffler.com It's not been updated lately, but there's a wealth of information there.
2. Don't worry too much about the ATFE showing up un-annouced. The 03FFL allows you to take your bound book to the ATFE office for any review (does not include an active crinimal investigation scenario).
3. One "quiet" effect of having a type 03FFL, is that if there is ever a theft of a firearm at the licensed address (usually the C&R's residence), it becomes a federal felony, which means the investigation and prosecution become federal jurisdiction. :wink: I would much rather have the FBI chasing down my stolen property than the local non-gun elected Sheriff!
4. In some states (like Democrat-controlled MI
) a type 03FFL/C&R license is the only reasonable legal way to own an NFA weapon, up to & including crew-served weapons!
Also, Brownell's, and other supply houses often give dealer discounts to 03FFL holders. This can easily pay for your $30/3yr tax!
Beware though, there are some US dealers who discriminate against 03FFLs, like Lew Horton, etc. They seem to let their insurance companies negate US (federal) codes.