Your answer would be found here
http://worldumpires.com/news/082103RuleInterp.htm
"The new interpretation goes on to emphasize that a ball stuck in a fielderÂ’s glove is not to be considered out of play; the ball remains live. It is legal for one fielder to throw the glove with a live ball stuck in it to another fielder. A fielder who possesses the ball/glove combination in his own hand or glove can complete a tag of a runner or base, just as if he were holding only the ball."