How does Polymorph Any Object work on magic items?
• Polymorph Any Object cannot create value — therefore, it cannot be used to make a slotless item from a slotted one. (E.g., you cannot use PAO to turn a Belt of Giant Strength +4 into an Ioun Stone +4 to Strength.) • In order to Polymorph an object into another type of magic item (Wondrous Items to Rings, for example), you must meet the minimum caster level requirement for the feat that would be used to create the new item. This applies even when casting from scrolls. • You cannot Polymorph an item into a form that it couldn’t’ve been enchanted into in the first place. For example, you cannot make a Wand of Elvenkind from a Cloak.
