§ 64-6.610. Exemptions—Partnerships.

(a)

This tax does not apply to transfers of interest in realty owned by a continuing partnership within the meaning of Section 708 of the Internal Revenue Code of 1954 if the partnership continues to hold the realty concerned.

(b)

If there is a termination of any such partnership, it shall be treated as having executed an instrument whereby there was conveyed, for fair market value (exclusive of the value of any lien or encumbrance remaining thereon), all realty held by it at the time of such termination.

(c)

Not more than one such tax shall be imposed by reason of such a termination and any transfer pursuant thereto, with respect to the realty held by such partnership at the time of such termination.

(Ord. 70-34 § 1 (part), 1970: Ord. 68-22 § 1 (part), 1968: Ord. 67-73 § 1 (part), 1967: prior code § 2533.8).

Article 64-6.8. Administration