(a) The director of finance shall administer this chapter and shall collect the tax imposed under this chapter and shall otherwise administer this chapter. The director of finance may make such rules and regulations, not inconsistent with the chapter, as he or she may deem reasonably necessary or desirable to administer this chapter. In the administration of this chapter, the director of finance shall interpret its provisions consistently with those Documentary Stamp Tax Regulations adopted by the Internal Revenue Service of the United States Treasury Department which relate to the Tax on Conveyances and identified as Sections 47.4361-1, 47.4361-2 and 47.4362-1 of Part 47 of Title 26 of the Code of Federal Regulations, as the same existed on November 8, 1967, except that for the purposes of this chapter:
(1) The term "realty" as used in the Treasury Regulations, shall be deemed to mean "real property" as such term is defined by and under the laws of the state of California.
(2) Those provisions of the Treasury Regulations providing for deduction of the value of any encumbrance existing before the sale and not removed thereby shall not apply.
(3) Those provisions of the Treasury Regulations relating to the rate of the tax shall not apply.
(4) Those provisions of the Treasury Regulations which conflict with the provisions of this chapter shall not apply.
(Ord. 4073 § 12, 1992)