A. Security Transactions: Any tax imposed pursuant to this section 1-7-5 shall not apply to any instrument in writing given to secure a debt. (1975 Code §3-3.04)
B. United States: The United States or any agency or instrumentality thereof, any state or territory, or political subdivision thereof, or the District Of Columbia shall not be liable for any tax imposed pursuant to this section 1-7-5 with respect to any deed, instrument or writing to which it is a party, but the tax may be collected by assessment from any other party liable therefor. (1975 Code §3-3.05)
C. Bankruptcy Transactions: Any tax imposed pursuant to this section 1-7-5 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 subdivision (m) of section 205 of title 11 of the United States Code, as amended;
3. Approved in an equity receivership proceeding in a court involving a corporation, as defined in subdivision (3) of section 506 of title 11 of the United States Code, as amended; or
4. Whereby a mere change in identity, form or place of organization is effected.
Subsections C1 to C4, inclusive, of this section shall only apply if the making, delivery or filing of instruments of transfer or conveyances occurs within five (5) years from the date of such confirmation, approval or change. (1975 Code §3-3.06)
D. Securities And Exchange Commission: Any tax imposed pursuant to this section 1-7-5 shall not apply to the making or delivery of conveyances to make effective any order of the securities and exchange commission, as defined in subdivision (a) of section 1083 of the internal revenue code of 1954; but 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 section 79k of title 15 of the United States Code, relating to the public utility holding company act of 1935;
2. Such order specifies the property which is ordered to be conveyed;
3. Such conveyance is made in obedience to such order. (1975 Code §3-3.07)
E. Partnership Transfers:
1. In the case of any realty held by a partnership, no levy shall be imposed pursuant to this section 1-7-5 by reason of any transfer of an interest in a partnership or otherwise, if:
a. Such partnership (or another partnership) is considered a continuing partnership within the meaning of section 708 of the internal revenue code of 1954; and
b. Such continuing partnership continues to hold the realty concerned.
2. If there is a termination of any partnership within the meaning of section 708 of the internal revenue code of 1954, for purposes of this section 1-7-5, 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.
3. Not more than one tax shall be imposed pursuant to this section 1-7-5 by reason of a termination described in subsection E2 of this section, and any transfer pursuant thereto, with respect to the realty held by such partnership at the time of such termination. (1975 Code §3-3.08)