Originally Posted by Former 173rd
So, do I pretty it up, leave it alone, sell as a package, or part it out?
The crucial problem is that, the way the Federal law on altered serial numbers is written, it doesn't matter who actually did the alteration or when it was done. The law stipulates that whoever is in possession of the firearm when the Feds find out about it is deemed to be the person who did the dastardly deed. Which, unfortunately, means that you are sitting on a possible felony charge.
Morally, I don't think you should try to sell it. That would be passing your legal exposure onto someone else. Considering that you bought it "on the cheap," I think the only safe thing to do is to strip it, keep or sell the parts, and turn in the receiver (or scrub your fingerprints and DNA off it and throw it into a DEEP lake).