With all respect, this is incorrect. You do not record all C&R firearms you have in your possession prior to getting your license. If this were the case, the logic would follow that you must record all dispositions of firearms that you disposed of prior to getting your license. I have a copy of a BATF letter somewhere in this computer that clearly states this, and this has been beat to death many times on this forum. Once again, record all C&R firearms that you acquire after you get you license. Record all dispositions while you have that license. When your license expires you do not have to send your books to the BATF, although not a wise thing to do, you can throw it away if you want. And for heavens sake, don't record every firearm you have in there whether C&R or not. No where does the rules say to do that. All of this should be clear before you even apply for the thing.
I agree with the first part of this post, however the highlighted section is not in keeping with federal regulations, which state that any record of acquisition and disposition of a firearm by a licensee which is required to be created by law or regulation must be retained by the licensee or ex-licensee for 20 years. We've been over this point as well in previous posts, but here again is the obscurely worded CFR which requires 20 year retention of bound books:
27 CFR 478.129 Record retention.
(e) Records of dealers and collectors
under the Act. The records prepared
by licensed dealers and licensed collectors
under the Act of the sale or other disposition
of firearms and the corresponding
record of receipt of such firearms shall be
retained through December 15, 1988,
after
which records of transactions over 20
years of age may be discarded.