Any copyright lawyers lurking?

As long as you don't make a profit with it, there are no Copyright infringment.

What I do know is that none of us owns the music we purchase regardless of format, we only purchase a perpetual license to listen and non-monetarily share or make copies under strict non-profitable terms and conditions by the publisher. Also, the public playback of published music is subject to these same terms and conditions. Yes, you do own the piece of vinyl or the aluminum coated with polycarbonate disc, but you do not own the content on it. There has always been the issue of how this is managed when buying used CDs and records, the consensus being that the license was already taken by the original purchaser and is simply being transfered to the new owner in the preowned-media sale. I am not a lawyer but a licensing professional. Counsel may wish to weigh in here.

Even if your friend owns a legal copy of the work, giving him a non-legally purchased copy is an infringement of the copyright holder's interest. When you purchased the record you did not buy a license to distribute the music on the record in alternate formats. It doesn't matter whether money is involved in the exchange.

Thanks for the replies. My initial feelings on this issue were closest to what Elizabeth so eloquently stated. I originally told my buddy that he could bring his albums over and record them for his use only. It does create an ironic inflection point whereby fair use of the purchased analog record could/might be superceded by the Digital Copyright Act...or vice versa. Who knows and I assure you I don't care enough about this potential pitfall to be a test case!

Thanks all