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The live rounds you need the correct lincense to have in your possession. I think they are classifed a destructive device. Send a PM to AMProducts on the forum. I believe he knows what the answers are.
The training rounds are inert and no problem.
 
Well, I didn't get a PM on this, based off the other questions, it seems someone may have been in possession of some large caliber military ammunition.

I'm not a lawyer, but I do occasionally play one on the internet, and I have worked for a type 10, and done a lot of research on compliance, here's basically how it breaks down:

You are allowed to possess large caliber ammunition (including military and others) provided it does not have an explosive projectile with an explosive loading over 1/4 oz. Here are the relevant sections from 18USC921:

(4) The term “destructive device” means—
(A) any explosive, incendiary, or poison gas—
(i) bomb,
(ii) grenade,
(iii) rocket having a propellant charge of more than four ounces,
(iv) missile having an explosive or incendiary charge of more than one-quarter ounce,
(v) mine, or
(vi) device similar to any of the devices described in the preceding clauses;
(B) any type of weapon (other than a shotgun or a shotgun shell which the Attorney General finds is generally recognized as particularly suitable for sporting purposes) by whatever name known which will, or which may be readily converted to, expel a projectile by the action of an explosive or other propellant, and which has any barrel with a bore of more than one-half inch in diameter; and
(C) any combination of parts either designed or intended for use in converting any device into any destructive device described in subparagraph (A) or (B) and from which a destructive device may be readily assembled.
The term “destructive device” shall not include any device which is neither designed nor redesigned for use as a weapon; any device, although originally designed for use as a weapon, which is redesigned for use as a signaling, pyrotechnic, line throwing, safety, or similar device; surplus ordnance sold, loaned, or given by the Secretary of the Army pursuant to the provisions of section 4684 (2), 4685, or 4686 of title 10; or any other device which the Attorney General finds is not likely to be used as a weapon, is an antique, or is a rifle which the owner intends to use solely for sporting, recreational or cultural purposes.

When it comes to large caliber ammo, this definition excludes any round with an inert projectile, no matter what size. From my reading of the law, I see no reason that a person couldn't possess a live sabot round, however the limitation there is the amount of powder may violate the amount of gunpowder you are allowed to have in a private residence.

Most military ammo that has a blue colored projectile is inert (except for 30 and 50 cal, the blue tip means incendiary), this applies almost universally. I know I have some old Oerklon 20mm shells in my collection that were never loaded with explosive, however it contains all the metal parts (casing, fuse body, fuse components) there's just no explosive.
 

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