Steam Family Sharing beta

[Nefaro]

is it allowed that one physical person can have several steam accounts and is able to transfer games from one library to the other account library and back  ('gift' and 'gift' it back later) ?

that would be the perfect workaround:
you build a second account for lend, shift the game you don't plan to play for a certain time to your account for lend (you can still always play it if you changed your mind suddenly)  and lend that single game library to your friend(s), while you can enjoy all your other big fat Steal library entries...  perfect.

IIRC, atm  its not possible to transfer a game from one account (gift /sell) to another, the moment it has been activated once ?         

I thought that Steam didn't want an individual to have more than one account with them?  As in..  grounds for banning the accounts kind of aversion to it.