Is it legal to build your own full auto gun with a Class III license?
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No. You have not been able to make a civilian full auto since the 80's. Now if you have a manufacture FFL with Class 2 SOT you may make make new machine guns for the police/Military.
You can apply to the ATF to make a Full Auto weapon but unless you are a registered manufacturer... your request will be denied!!
Civilians are not been permitted to own a machine gun registered after May 1986.