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I think that means, though, that you can carry out private owner purchases, as anyone can do, without logging them.
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This is a gray area. I have heard it both ways, i.e. that ANY purchase you make that is NOT done on a 4473 has to be entered into your bound book. Some say yes, others say no, and I have as yet to find it spelled out in BATF regs one way or the other.
It would be a difficult thing to prove, in any case.