(A) In the case of any realty held by a partnership, no levy shall be imposed pursuant to this ordinance by reason of any transfer of an interest in a partnership or otherwise, if:
(1) The partnership (or another partnership) is considered a continuing partnership within the meaning of Section 708 of the Internal Revenue Code of 1954; and
(2) Such continuing partnership continues to hold the realty concerned.
(B) If there is a termination of any partnership with the meaning of Section 708 of the Internal Revenue Code of 1954 for purposes of this chapter, the partnership 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 such partnership at the time of such termination.
(C) Not more than one tax shall be imposed pursuant to this chapter by reason of a termination described in division (B), and any transfer pursuant thereto, with respect to the realty held by such partnership at the time of termination.
('86 Code, § 3.10.080) (Ord. 3386, passed - - )