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A local cop couldn't arrest you for it, an ATF agent would have to. I'm not really sure what can happen if an ATF agent comes knocking and you can't produce the necessary documents (that you do possess). There's probably some measure of "Innocent until proven guilty."
I have heard of people making miniature certified copies of their tax stamps and keeping them with their NFA items to prevent anybody on their high horse from going on a power trip and making the range trip a PITA (like the one you experienced).
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