FFL Bound Book Question

Discussion in 'NFA/Class 3 & FFL Discussion' started by KAG, Sep 5, 2010.

  1. KAG

    KAG New Member

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    I have an 07 FFL and we have our bound books (three of them) and I was wondering what I need to do if I buy a pistol for my personal collection from a pawn shop/gun shop not a wholesale dealer. What enteries and where?


    Thanks.


    KAG
     
  2. c3shooter

    c3shooter Administrator Staff Member

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    IF you made the purchase from a licensed individual, and had it transferred to your license, you log it out to your personal collection in your A&D book- no 4473. However, if you then sell that gun in the next year, it is treated differently. C&P from BATFE:

    Q: May a licensee who has firearms in his or her private collection sell any of these firearms without making firearms record entries?
    A licensee may sell a firearm from his or her personal collection, subject only to the restrictions on firearm sales by unlicensed persons, provided the firearm was entered in the licensee’s bound book and then transferred to the licensee’s private collection at least 1 year prior to the sale. When the personal firearm is sold, the sale must be recorded in a “bound book” for dispositions of personal firearms, but no ATF Form 4473 is required.

    [27 CFR 478.125a]

    If you bought from a licensed person, but do NOT have it transferred to your license (you did the 4473 thing with the seller) then you do nothing- EXCEPT- if it is on your licensed premises, tag the gun as "personal property, not for sale". Avoid having personal arms mixed in physically with stock for sale. Bad ju-ju on an audit.
     

  3. KAG

    KAG New Member

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    Thanks C3, that is exactly what I needed to know.

    Also,

    I am a little bit nervous about my three bound books...

    1-logging firearms made
    2-sales to FFL holders
    3-sales to non-FFL holders

    ...would any other 07's be kind enough to show me a blank page from any of your books?

    There is a lot of help for 01's and 03's, but none for 07's. We dont have too many entries right now because we are a young company.

    Thanks.

    KAG
     
  4. ZombieDefense

    ZombieDefense New Member

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    I have four books. Dealer book, MFG book, NFA book and NFA-MFG book. I figured it would be easier to separate the books to eliminate confusion come reporting time. This way for exise purposes, I can note in the MFG book if it is a complete item, stripped(knockdown form) or wholesale. (these things differ for tax purposes) I had to do a lot of reading as you said, you are on your own when you choose type 7.
     
  5. KAG

    KAG New Member

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    Thanks Zombie. That's what it looks like.

    Will I be in a heap of trouble if the ATF inspects my books and tries to say I did it wrong? The field office was zero help in this matter.

    KAY
     
  6. ZombieDefense

    ZombieDefense New Member

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    I think this is what you are looking for, this is the standard for approved books. There are other options as well

    [​IMG]

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    there is a matching line number on the disposition page that is not shown
     
    Last edited: Sep 6, 2010
  7. tcustoms

    tcustoms New Member

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    I also keep multiple books, Sales/transfers, MFG NFA, NFA sales/transfers, personal

    For the most part I only mfg suppressors