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Again, "profit" isn't the issue. It's what ever they can consider dealing. Buying, and selling. If it is truly improving your collection there is no problem.
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Maybe you should actually read the regulations. "Profit" is something that separates the 01 from the 03 FFL.
http://www.atf.gov/firearms/faq/curi...s.html#dealers
So basically, by the amount of profit, an ATF agent could make a strong argument that someone is attempting to make a "livelihood". Read below:
(Keep in mind that the definitions are vague, so that they can be used against anyone doing anything. If they had concrete numbers and defintions, everyone would skate around them.)
Q: Does a license as a collector of curio or relic firearms authorize the collector to engage in the business of dealing in curios or relics?
No. A collector’s license only enables the collector to transport, ship, receive, and acquire curios and relics in interstate or foreign commerce, and to make disposition of curios and relics in interstate or foreign commerce, to any other licensee, for the period stated on the license.
A collector’s license does not authorize the collector to engage in a business required to be licensed under the Act. Therefore, if the acquisitions and dispositions of curios and relics by a collector
brings the collector within the definition of a manufacturer, importer, or dealer, he shall qualify as such. A dealer’s license must be obtained to engage in the business of dealing in any firearms, including curios or relics.
[18 U.S.C. 922(a) and 923(a)(1), 27 CFR 478.41(c)(d)]
Q: What does “engaged in the business” mean?
The term “engaged in the business,” as applicable to a
firearms dealer, is defined as a person who devotes time, attention, and labor to dealing in firearms as a regular course of trade or business with the principal objective of livelihood and profit through the repetitive purchase and resale of firearms, but such term shall not include a person who makes occasional sales, exchanges, or purchases of firearms for the enhancement of a personal collection or for a hobby, or who sells all or part of his personal collection of firearms.
[27 CFR 478.11]