Overheard at the gun show

[dogtown tom]

^^ you are allowed to sell guns for a profit without an FFL as long as it isn’t your “livelihood”. The key word is livelihood.

https://www.atf.gov/file/100871/download

No the key word isn't "livlihood". If you think you don't need an FFL to sell firearms because you are employed full time in another occupation you may find yourself without the ability to even possess a single firearm.

Reread that the ENTIRE BROCHURE at that link. Please.
There is no single "key word":

What does it mean to be “engaged in the business of dealing in
firearms”?
Under federal law, a person engaged in the business of dealing in firearms is 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.”
Under federal law, conducting business “with the principal objective of livelihood
and profit” means that “the intent underlying the sale or disposition of firearms is
predominantly one of obtaining livelihood and pecuniary gain, as opposed to other
intents, such as improving or liquidating a personal firearms collection.”
Consistent with this approach, federal law explicitly exempts persons “who make
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.”

Few here would believe selling two firearms as their "livelihood", but from that brochure:

.....For example, courts have upheld convictions for dealing without a license when as few as
two firearms were sold, or when only one or two transactions took place....

Telling people that the key word is "livelihood" is just flat wrong.

 

[PzGren]

^^ you are allowed to sell guns for a profit without an FFL as long as it isn’t your “livelihood”. The key word is livelihood.

https://www.atf.gov/file/100871/download

That is a completely wrong interpretation. Taken from your own link it clearly states that the repetitive buying and selling for profit is the determining factor. The key words rather are repetitive & primary objective.

Doug must be licensed because he is repetitively buying and selling firearms with the primary objective of profit

Joe must be licensed because he is repetitively buying and selling firearms with the primary objective of profit.

Sharon must get a license because she is repetitively buying and selling firearms with the primary objective of profit