Questions for the C&R holders

Right. But if you sell one you are disposing (see above, disposition of firearms curios or relics) If you owned prior to being licensed doesn't matter, you need to log it when you sell it.
 
That's your interpretation. Put them in your bound book if you want to. It can't hurt. ATF won't care one way or the other. BTW, your text in bold above could also be interpreted such that you need to enter receipt of all acquisitions received prior to licensure as well. It isn't clear that you dont need to enter receipts prior to licensure. And once licensed, you would be in violation of the requirement to enter into your bound book within one day of acquisition. One can read way too much into the requirement to the point of being illogical. That happens a lot with poorly written regulations. In order for your assumption to be correct, the text would have to say "receipt and/or disposition" instead of "receipt and disposition".
 
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The formatting of the quote is a little off. This is actually the heading of the section in the code, it is in Bold in the book. See page 67 of the ATF Federal Firearms Regulations Guide 2005 that was in that pile of stuff ATF sent you when you got your license.

Firearms receipt and disposition by licensed collectors.

That means, buying and selling by licensed collectors. It means if you are licensed, and buy or sell, this is what you have to do.

This is actually the first item under the heading:

Each licensed collector shall enter into a record each receipt and disposition of firearms curios or relics.
This mean you just have to enter C&R firearms.

You can read the whole section here http://www.law.cornell.edu/cfr/text/27/478.125 (about 1/2 way down the page) or as mentioned page 67 of the book.
 
That means, buying and selling by licensed collectors. It means if you are licensed, and buy or sell, this is what you have to do.

That's just not correct. "Buying and selling" isn't the same as "buy or sell". Somehow, in your interpretation, you are changing "and" to "or", and that makes a big difference (words matter).

"receipt and disposition" makes disposition reliant on receipt. In order to have a disposition, you must have a receipt. With no receipt comes no disposition. Same as if you "wash and dry" your hair. If you haven't washed it, it doesn't make much sense to dry it, now does it? If the ATF intended for you to enter dispositions the way you interpret, then they would have to make it very clear. What you see clearly in the text is not what I see clearly. The fact that we see it differently suggests it is poorly written and doesn't clearly convey the intent. That text has been around soooo long, without change, that I think the ATF doesn't really have a dog in your fight, or mine for that matter.
 
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Remember, I said I work federal policy for a living. My job is to make them clear, and it isn't easy. Let's analyze the key sentence you quote from regulation:

Each licensed collector shall enter into a record each receipt and disposition of firearms curios or relics.

In this sentence the ATF says "receipt and disposition" as well as "curios or relics". Would the sentence be the same if they wrote "curios and relics" instead? No it wouldn't. Curios aren't necessarily relics, and relics aren't necessarily curios, yet there are some that qualify as both at the same time (they would be curios and relics). ATF obviously (well to me at least) understands the difference in the meaning of "and" and "or".
 
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