May A Licensee Maintain A Personal Collection Of Firearms? How Can He Do So?
This question comes up from time to time, and I post the answer here as a public service.
Yes. A licensee may log business firearms out of the acquisition and disposition (A&D) record as a personal firearm.
If that firearm is sold within a year of having been transferred to the licensee’s personal collection, the licensee must re–enter the firearm in the business A&D record, and sell or transfer the firearm as business inventory, including completing an ATF Form 4473 and a NICS background check if required.
If, however, the firearm is held in the personal collection of the licensee for more than one year, the firearm may be sold as the licensee’s personal firearm. Although no ATF Form 4473 or NICS background check is required, the licensee must record the disposition of the personal firearm in a personal disposition record.
[18 U.S.C. 923(c); 27 CFR 478.125a]
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I think at one time years ago I was told they could not be kept together under the same roof (co-mingled) if the firearm business was operating out of a home. That could have been just a case of hear-say though.
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" I was told they could not be kept together under the same roof (co-mingled) if the firearm business was operating out of a home"..................they could IF they were marked as 'private property' or some such. also, if a 'dealer' wants to take a firearm out of inventory for his/her own use he/she must fill out a 4473 and do the background check.
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Probably should be some sales tax paid, too.
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"...if a 'dealer' wants to take a firearm out of inventory for his/her own use he/she must fill out a 4473 and do the background check."
Maybe so, IF the FFL is a corporation. Not so, if it's a sole proprietorship. You just show in the A&D book that the gun went to your personal collection, and the date transferred.
Background check? Seems to me you already did that when you got the license.
"Probably should be some sales tax paid, too."
Yup. When I take a gun from inventory, I log it out in the book as above, and I write myself a receipt for it, in the amount I paid for it, and I pay the sales tax.
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Background check? Seems to me you already did that when you got the license."...........not for a corporation. As a gunsmith I was 'incorporated' with myself as the only employee.........so when I wanted to take a firearm out of inventory for myself I had to pay for it (including sales tax) and do a background check on myself.
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