; or (ii) transfer to any other person (except a person licensed under this chapter or a Federal, State, or local law enforcement agency) a firearm that was a business inventory firearm of the person as of the effective date or expiration date, as the case may be. (B) Subparagraph (A) shall not apply with respect to a license revocation or denial determination that is reversed. . (b) Business inventory defined Section 921(a) of such title is amended by adding at the end the following: (36) Business inventory firearm The term business inventory firearm means, with respect to a person, a firearm required by law to be recorded in the acquisition and disposition logs of any firearms business of the person. . (c) Conforming amendment Section 923(c) of such title is amended in the second sentence by inserting section 922(aa) and to after subject only to . (d) Penalties Section 924(a) of such title is amended by adding at the end the following: (8) Whoever knowingly violates section 922(aa) shall be fined under this title, imprisoned not more than 1 year (or, if the violation was willful, 5 years), or both. . (e) Requirement that license revocation or application denial notice include text of law prohibiting dealing in firearms without a Federal firearms license and restricting transfer of firearms after receipt of official license revocation or renewal application denial notice Section 923(f)(1) of such title is amended in the last sentence by inserting , and shall set forth the provisions of Federal law and regulation which prohibit a person not licensed under this chapter from engaging in the business of dealing in firearms or are relevant in determining whether a person is doing so, and the provisions of section 922(aa) before the period.