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There is hereby imposed on each deed, instrument, or writing by which any lands, tenements, or other realty sold within the city shall be granted, assigned, transferred, or otherwise conveyed to, or vested in, the purchaser or purchasers, or any other person or persons, by his or their direction, when the consideration or value of the interest or property conveyed (exclusive of the value of any lien or encumbrances remaining thereon at the time of sale) exceeds $100 a tax at the rate if $0.275 for each $500 or fractional part thereof.
('66 Code, § 3-6.02) (Ord. 40-C-S, passed 12-11-67)
Any tax imposed pursuant to the provisions of § 3-6.02 of this chapter shall be paid by any person who makes, signs, or issues any document or instru-ment subject to the tax, or for whose use or benefit the same is made, signed, or issued.
('66 Code, § 3-6.03) (Ord. 40-C-S, passed 12-11-67)
Any deed, instrument, or writing to which the United States, or any agency or instrumentality thereof, is a party shall be exempt from any tax imposed pursuant to the provisions of this chapter when the exempt agency is acquiring title.
('66 Code, § 3-6.05) (Ord. 40-C-S, passed 12-11-67; Am. Ord. 108-C-S, passed 2-25-70)
(A) Any tax imposed pursuant to the provisions of this chapter shall not apply to the making, delivering, or filing of conveyances to make effective any plan of reorganization or adjustment:
(1) Confirmed under the Federal Bankruptcy Act, as amended;
(2) Approved in an equity receivership proceeding in a court involving a railroad corporation, as defined in 11 USC 205(m), as amended;
(3) Approved in an equity receivership proceeding in a court involving a corporation, as defined in 11 USC 506(3), as amended; or
(4) Whereby a mere change in identity, form, or place of organization is effected.
(B) The provisions of this section shall only apply if the making, delivery, or filing of instruments of transfer or conveyances occurs within five years from the date of such confirmation, approval, or change.
('66 Code, § 3-6.06) (Ord. 40-C-S, passed 12-11-67)
(A) Any tax imposed pursuant to the provisions of this chapter shall not apply to the making or delivery of conveyances to make effective any order of the Securities and Exchange Commission, as defined in Internal Revenue Code of 1954, subsection (a) of § 1083.
(B) Division (A) applies only if:
(1) The order of the Securities and Exchange Commission, in obedience to which such conveyance is made, recites that such conveyance is necessary or appropriate to effectuate the provisions of 15 USC 79k relating to the Public Utility Holding Company Act of 1935;
(2) Such order specifies the property which is ordered to be conveyed; and
(3) Such conveyance is made in obedience to such order.
('66 Code, § 3-6.07) (Ord. 40-C-S, passed 12-11-67)
(A) In the case of any realty held by a partnership, no levy shall be imposed pursuant to the provisions of this chapter by reason of any transfer of an interest in a partnership or otherwise if:
(1) Such partnership (or another partnership) is considered a continuing partnership within the meaning of § 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 within the meaning of § 708 of the Internal Revenue Code of 1954, for the purposes of this chapter such 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 the provisions of this chapter by reason of a termination described in division (B) of this section, and any transfer pursuant thereto, with respect to the realty held by such partnership at the time of such termination.
('66 Code, § 3-6.08) (Ord. 40-C-S, passed 12-11-67)
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