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Since I'm buying it as a gift, I'm not breaking the law. Even if he reimburses me for it. Even if I sell it to him at a higher price than I paid.
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In my opinion, you would be on thin ice if money changed hands between the two of you. For one thing, you can't claim it's a gift anymore. It's not a gift if you are reimbursed or if he pays you for it.
As I understand it, if it became an issue, your defense would be that you simply bought it with the intent to resell it. That is legal as long as you weren't making a habit of buying and reselling guns (you'd need an FFL to continually engage in buying and reselling guns) and as long as he hadn't asked you to buy it on his behalf (then it would be a straw purchase).