Also, there is hereby specifically exempted from the tax herein levied, the transfer of tangible personal property exempted from the state sales tax law inclusive, but not exclusive of, the following:
1. From one corporation to another corporation, pursuant to a re-organization; as used in this subsection 1., the term
RE-ORGANIZATION means:
a. A statutory merger or consolidation; or
b. The acquisition by a corporation of substantially all of the properties of another corporation, when the consideration is solely all or a part of the voting stock of the acquiring corporation, or of its parent or subsidiary corporation.
2. In connection with the winding up, dissolution or liquidation of a corporation only when there is a distribution in kind to the shareholders of the property of such corporation;
3. To a corporation for the purpose of organization of such corporation where the former owners of the property transferred are, immediately after the transfer, in control of the corporation, and the stock or securities received by each is substantially in proportion to this interest in the property prior to the transfer;
4. To a partnership in the organization of such partnership if the former owners of the property transferred are immediately after the transfer, members of such partnership, and the interest in the partnership received by each is substantially in proportion to this interest in the property prior to the transfer; and
5. From a partnership to the members thereof when made in kind in the dissolution of such partnership.
(Ord. 64, passed - -; Ord. 113, passed - -)