What perks does your armor grant? You'll more than likely find your answer there. I have encountered this before.
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That's just it, though: I've got perks that allow me to carry extra ammo, but nothing for the magazine size. And furthermore, my other ARs report correctly! I've got Eidolon Ally and Up For Anything, and both have magazines that are what they say they are. For The People, however, is super awesome and magical.