I haven't heard of one instance where BATFE has defined "possession" to only permit the owner to handle/shoot the gun. In fact, if you want to take the "possession" requirement to its extreme, you might as well duct-tape that machine gun to your body, even when you take a crap or go for a swim.
On the other hand, I believe that there are plenty of drug cases where people were convicted of possession of narcotics even when the drugs were not physically on their bodies.
I wouldn't get too hung up on the definition of possession, though. It's generally understood that so long as you are within a physical distance where you can exercise control over who is shooting/handling the weapon, you're ok.
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