Technical Branch
Any firearm except for a NFA (Machine Gun) can be disabled and if done in a manner acceptable to the BATFE Technical Branch it would cease to be a firearm under Federal law. Machine guns can be disabled DEWAT, but still require registration on a form 5.
If you want a Paperweight, first step is to speak to technical branch. Not a big deal, just some paperwork and a bandsaw. My inclination would be to cut it into two frames right down the middle lengthwise, and have two paperweights.
If it were me, I would just accept that it is a firearm, and keep it intact for the day when it might be restored. But if the frames are for some reason, unsafe, the above is how you would go about changing its legal status.
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