The ruling is not until you start your 5-second count. That's the key. It will get a little tricky if the player grabs the ball before it hits the floor, and does a quick inbound where you never started your 5-second count. In this case, it will be judgement. The thing to note is it is not the touch or possession of the ball by the inbounder. Good question, I just learned this out here too.
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