The SR-47 is a modern assault rifle based on the AR-15 family of rifles created by Knight's Armament Company for the USSOCOM. Unlike the majority of guns based around ArmaLite design, the SR-47 fires the Soviet 7.62 × 39 mm round from AK-47 magazines. The rifle was created after soldiers on long missions in Operation Enduring Freedom complained of running out of 5.56 x 45 mm ammunition for their M4 carbines but having plenty of captured AK-47 magazines. The SR-47 is basically an M4 that will accept standard AK-47 magazines rather than NATO STANAG M16/M4 mags, along with other minor modifications common to KAC's designs.
It is speculated that the SR-47 was discontinued because of the glut of AK-47s found in Iraq and Afghanistan and the reliability issue of feeding "dirty" 7.62 × 39 mm ammunition through the AR-15 direct impingement gas system. Personnel issued the weapon in the field also mentioned that the SR-47's action often had trouble feeding and firing rounds from standard AK-type magazines.
http://en.wikipedia.org/wiki/SR-47