On the telescoping stock, pull the buffer and spring, and make sure that you have the correct buffer and spring is place. Carbine buffer is pretty easy to spot if you have the wrong one in (will be much longer than a carbine buffer for a telescoping stock, but on the recoil spring , it should be around 10.5" , and not a standard fixed spring length of 11.75" long.
Or if you just want to get lazy and not pull the buffer and spring, pull all the way back on the charging handle and look to make sure that the face of the bolt has retracted back past the mag catch,but the bolt face did not retract back past the back of the ejection port window, and on the last inch'ish of the charging handle pull, the charging handle tension did not load up from a way too long spring just coil bind'd on itself at the last of the pull.
Next, pull the bolt off the carrier, and dry fit the carrier alone in the upper receiver. Make sure that the key is not binding in the upper slot, and the gas tube is correctly aligned with the key (last inch'ish as the face of the carrier goes to touch the face of the barrel extension.
While you have the carrier in hand, put an allen wrench on the key bolts to make sure that they are tight (should be 37 in lbs torqued).
Gas tube, uses a piece of rubber tube to blow down the tube from within the receiver to check air flow of the tube out the bore. Granted that you may have the gas block passage set correctly over the barrel gas port, but if gas tube was not installed correctly in the block (pin not through the channel in the gas tube, but in front of the tube instead, or the tube installed upside down with its opening pointing up), your not going to get flow.
And as for ammo, try some Win white box ammo. As stated, the PMC can be a tad under powder, and in regards to the 40's, complete wrong powder for the platform used in them to get the correct gas pressure dwell to cycle the B/C correctly (burn dwell time to fast on the gun powder being used, which causes less pressure at the gas port than needed to correctly cycle the action).