A licensee may log business firearms out of the acquisition and disposition 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 acquisition and disposition 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]