Hate to say it guys, but if anything the .50 is undermodelled. I don't know a thing about the Hispano, but I know the farthest I've ever heard of a plane being 'killed' by .50 fire was ~4000 yards in the Korean War. Some guy hit a Mig at that range with machinegun fire.
In Aces High, the .50 calibers dissapear at a little more than d1.4 (I believe it is 1,470 yards, I tested it once with the .target command). Fired from a tailgun of a B-17, the .50 will hit out to d1.7 and change.
After that it just dissapears. I guess keeping track of all the rounds for an infinity would be hard on the server, not to mention your FPS

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As far as 'easily' getting killed at anything past 600 yards, it hasn't happened recently. Has it happened before? Well sure. Once that I can remember. Someone killed my Ta-152 about a year ago with a P-38, firing from 800 yards out or so.
But even then, you usually won't get killed (outright) by a single .50 round hitting you past 600 meters. If you are hearing one ping and a wing is falling off, you must have taken a pretty severe pounding from something else before you got out to 600+ meters. As far as losing flaps, ailerons, elevators, radiator damage... none of those things are hard to damage.
Hell, you could probably punch through the radiator tubing in a car with a pencil, much less a machinegun bullet. And although the AH DM doesn't 'show' control cables, I'm pretty sure it would model them, and a single round of any caliber could cut those- they weren't made of titanium.