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No way to paper for civilians. It would be confiscated and you had better have a legit and provable way it came into possession, otherwise you are hosed.
 
Criminal penalties
Violations of the Act are punishable by up to 10 years in federal prison and forfeiture of all devices or firearms in violation, and the individual's right to own or possess firearms in the future. The Act provides for a penalty of $10,000 for certain violations. A willful attempt to evade or defeat a tax imposed by the Act is a felony punishable by up to five years in prison and a $100,000 fine ($500,000 in the case of a corporation or trust), under the general tax evasion statute. For an individual, the felony fine of $100,000 for tax evasion could be increased to $250,000.
 
Not a game I'd play.

"Hypothetically speaking of course, What happens if a guy finds pre 86 military M16's that have never been papered? Any way to make them legit?"

I'd rather have a FA I can't take to the range then loose it all together... Hypothetically speaking that I acquired it legally.
 
"Hypothetically speaking of course, What happens if a guy finds pre 86 military M16's that have never been papered? Any way to make them legit?"

I'd rather have a FA I can't take to the range then loose it all together... Hypothetically speaking that I acquired it legally.

Not I. It's easy to make a AR15 full auto or most semi auto for that matter but it's not worth the risk to me and my family. I can't offer any sort of back story for this conversation just water cooler talk. Supposing a M16 just showed up after passing through many hands, origin unknown.
 
In theory they would put the squeeze on end user.. until they gave up the previous with a promise of going to ClubFed and so on and so on down the line until it surfaced as the original owner.
 
My understanding is its either scrap or an illegal/unregistered gun. Period. The machine gun registry is fixed. It contains 186,619 transferable machine guns. I think the way it worked is pre 1968 you could have had a unregistered machine gun and you could "register" it and pay for the tax stamp and be good to go. From the end of the amnesty period (maybe as late as 71?) on there was no registering a unregistered gun, only the legal manufacture of new machine guns up until may of 1986
 
Full autos are fun the first couple of times you shoot them, but it's even more fun to watch someone that's never had the experience.
How much fun could you have knowing that the hammer could drop on your head if caught with it.
 
I recall someone finding their uncle's bring back several years ago - apparently he had bring back war trophy paperwork that never got filed with ATF. They attempted to get it made legit but at the time I heard about it the ATF had it in hand and they had been trying to get it "grandfathered" through attorneys for a few years. The claim was that ATF lost the paperwork. I never heard if they won or lost the end game and that was 20 years ago.
 
My family had this happen to us! My grand dad brought back a Browning BAR that had been dissembled and shipped home in peaces. After he passed it was passed down to me! Turns out the BAR cannot be grandfathered because it was covered in the very first gun ban of 1923 ( if I am remembering correctly) so, even though it is a pre 1968, it is a post 1923! we ended up donating it as WW2 memorabilia and got a tax credit for its collector value, which at that time was about 20K!!!!
 

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