[Edward Tinker]

That is the way I read it

ATF 5300-4

[quote]§ 922 Unlawful acts.
(a) It shall be unlawful—
(1) for any person—
(A) except a licensed importer, licensed manufacturer, or licensed dealer, to engage in the business of
importing, manufacturing, or dealing in firearms, or in the course of such business to ship, transport, or receive
any firearm in interstate or foreign commerce; or
(B) except a licensed importer or licensed manufacturer, to engage in the business of importing or manufacturing
ammunition, or in the course of such business, to ship,
transport, or receive any ammunition in interstate or foreign commerce;
(2) for any importer, manufacturer, dealer, or collector licensed under the provisions of this chapter to ship or
transport in interstate or foreign commerce any firearm to any person other than a licensed importer, licensed
manufacturer, licensed dealer, or licensed collector, except that—
(A) this paragraph and subsection
(b)(3) shall not be held to preclude a licensed importer, licensed manufacturer, licensed dealer, or licensed collector from returning a firearm or replacement firearm of the same kind and type to a person from whom it
was received; and this paragraph shall not be held to preclude an individual from mailing a firearm owned
in compliance with Federal, State, and local law to a licensed importer, licensed manufacturer, licensed
dealer, or licensed collector;
(B) this paragraph shall not be
held to preclude a licensed importer, licensed manufacturer, or licensed dealer from depositing a firearm for
conveyance in the mails to any officer, employee, agent, or watchman who, pursuant to the provisions of
section 1715 of this title, is eligible to receive through the mails pistols, revolvers, and other firearms capable
of being concealed on the person, for use in connection with his official duty; and
(C) nothing in this paragraph shall be construed as applying in any manner in the District of Columbia, the
Commonwealth of Puerto Rico, or any possession of the United States differently than it would apply if the
District of Columbia, the Commonwealth of Puerto Rico, or the possession were in fact a State of the United
States;
(3) for any person other than a licensed importer, licensed manufacturer, licensed dealer, or licensed
collector to transport into or receive in the State where he resides (or if the person is a corporation or other business
entity, the State where it maintains a place of business) any firearm purchased or otherwise obtained by such
person outside that State, except that this paragraph (A) shall not preclude any person who lawfully acquires a
firearm by bequest or intestate succession in a State other than his State of residence from transporting the firearm
into or receiving it in that State, if it is lawful for such person to purchase or possess such firearm in that State, (B)
shall not apply to the transportation or receipt of a firearm obtained in conformity
with subsection (b)(3) of this section,
and (C) shall not apply to the transportation of any firearm acquired in any State prior to the effective date of
this chapter;