To reply with out snark to m58's original post .
The licensed dealers can set me straight if I'm wrong, but my understanding is that every gun an FFL holder "sells" has to be run through his books with details of source and destination .
Even if it comes from his personal collection .
(I don't know if he can enter it as "from personal collection" or if he has to go back to "inherited from Uncle Bert" )
Anything sold from his recorded inventory, the stuff in the book, has to have a NICS check.
I may be wrong, but as I said, my understanding is that if you are an FFL you no longer have the right to make a "private sale" of any fire arm you own.
Not entirely correct. Any firearm that is logged into a dealers Bound Book, must have a NICS check (there are NFA exceptions & transfers to other dealers) completed before it is transferred. A dealer may take in a firearm, & transfer it to himself, it then becomes a part of his personal collection. These firearms can be dispose of as he sees fit, but if possession is LESS than 1 year, it must be transferred after a NICS. Anything transferred after 1 year, no NICS is required. Also, they are supposed to have an acquisition & disposition book separately, for these items.
Basically, they don't want people transferring firearms to themselves & then to others, trying to avoid the NICS. If held for a year, it is considered personal.
Brian