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To be technical, 922(o) makes civilian possession or transfer of ANY machine gun illegal, but exempts guns registered prior to 1986. It's a fine difference, but is one of the reasons why another 1968-style amnesty wouldn't help with respect to MGs. There have been bills proposed that would hold another amensty, but they also have to fiddle with 922(o) to make it work.
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I'm well aware of the concurrent laws regarding NFA and the technicalities thereof - both under title 18 and title 26. Sometimes I find its better to keep it simple than further confuse the issue for the newbies. A fine difference to be sure, but without any significant effect for the purposes of the prior discussion herein.