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The 4473 is kept at the dealer unless the dealer goes out of business, then I believe they are shipped to the ATF, and they're not going to pay people to look through them all, it's just for storage.
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Well, they do catalogue them by shop, so when they find a gun used in a crime they can link it to the shop then go through the shops files to see who bought it whether the shop is in business or not. I am not sure they actually do this all that often though. I don't doubt for a minute the federal gov't would be willing to have people go through these files and form a database though(if it were legal). It would be far from the most expensive or most wasteful project the federal government ever undertook.