§ 3.16.070 EXEMPTIONS; ORDERS OF SECURITIES AND EXCHANGE COMMISSION.

   Any tax imposed pursuant to 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 I.R.C. § 1083(a), but only if.

   (A)   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 U.S.C. § 79k, relating to the Public Utility Holding Company Act of 1935;

   (B)   The order specifies the property which is ordered to be conveyed; and

   (C)   The conveyance is made in obedience to the order.

(Prior Code, § 3.16.070)

§ 3.16.080 PARTNERSHIPS.

   (A)   In the case of any realty held by a partnership, no levy shall be imposed pursuant to this chapter 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 I.R.C. § 708; and

      (2)   The continuing partnership continues to hold the realty concerned.

   (B)   If there is a termination of any partnership within the meaning of I.R.C. § 708, 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 the partnership at the time of the termination.

   (C)   Not more than one tax shall be imposed pursuant to this chapter by reason of a termination described in division (B) above, and any transfer pursuant thereto, with respect to the realty held by the partnership at the time of the termination.

(Prior Code, § 3.16.080)

§ 3.16.090 FORECLOSURES.

   Any tax imposed pursuant to this chapter shall not apply with respect to any deed, instrument or writing to a beneficiary or mortgagee, which is taken from the mortgagor or trustor as a result of or in lieu of foreclosure; provided that, the tax shall apply to the extent that the consideration exceeds the unpaid debt, including accrued interest and cost of foreclosure. Consideration, unpaid debt amount and identification of grantee as beneficiary or mortgagee shall be noted on the deed, instrument or writing, or stated in an affidavit or declaration under penalty of perjury for tax purposes.

(Prior Code, § 3.16.090) (Ord. 575, passed - -1988)

§ 3.16.100 ADMINISTRATION.

   The County Recorder shall administer this chapter in conformity with the provisions of Cal. Revenue and Taxation Code Division 2, Part 6.7 and the provisions of any county ordinance adopted pursuant thereto.

(Prior Code, § 3.16.100)

§ 3.16.110 REFUNDS.

   Claims for refund of taxes imposed pursuant to this chapter shall be governed by the provisions of Cal. Revenue and Taxation Code §§ 5096 et seq.

(Prior Code, § 3.16.110)