I believe that SP is correct. A C&R license is for use by the holder to acquire items for his personal collection. Using the C&R license to bring the gun in and then transfer it out would be a violation of the intent of the license.
While chances are that since no records of the transfer are sent to the ATF, in the case of a C&R license, FFL 03, it is possible that nothing would ever come of the transaction. If however, the C&R's book was checked by the ATF, and they DO do random C&R book checks, it might be difficult to explain why a gun was brought in and then immediately transfered to another owner.
If a C&R license could be used in this manner, then there would really be no need for getting an 01 FFL license unless one had a storefront. In essence, the C&R holder doing such a transfer would be acting as a "dealer" under ATF rules and thus required to have the 01 license.
PS: From the ATF booklet:
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)]