(a) In the case of any realty held by a partnership, no tax shall be imposed pursuant to this chapter by reason of any conveyance of an interest in a partnership or otherwise, if:
(1) Such partnership (or another partnership) is considered a continuing partnership within the meaning of Section 708 of the Internal Revenue Code of 1986, as amended; and
(2) Such continuing partnership continues to hold the realty concerned.
(b) If there is a termination of any partnership within the meaning of Section 708 of the Internal Revenue Code of 1986, as amended, for 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 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 subsection (b), and any conveyance pursuant thereto, with respect to the realty held by such partnership at the time of such termination.
(Ord. 4073 § 9, 1992: Ord. 2398 § 1 (part), 1967)