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(a) In the case of any realty held by a partnership or other entity treated as a partnership for federal income purposes, no tax shall be imposed pursuant to this chapter by reason of any transfer of an interest in the partnership or otherwise, if both of the following occur:
(1) The partnership or other entity treated as a partnership is considered a continuing partnership within the meaning of Section 708 of the Internal Revenue Code of 1986; and
(2) The continuing partnership or other entity treated as a partnership continues to hold the realty concerned.
(b) If there is a termination of any partnership or other entity treated as a partnership for federal income tax purposes within the meaning of Section 708 of the Internal Revenue Code of 1986, for the purposes of this chapter, the partnership or other entity 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 or other entity 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 subdivision (b), and any transfer pursuant thereto, with respect to the realty held by a partnership or other entity at the time of the termination.
(d) No tax shall be imposed pursuant to this chapter by reason of any transfer between an individual or individuals and a legal entity or between legal entities that results solely in a change in the method of holding title to the realty and in which the proportional ownership interests in the realty, whether represented by stock, membership interest, cotenancy interest, or otherwise, directly or indirectly, remain the same immediately after the transfer.
(Amended by Ord. No. 9889 (N.S.), effective 10-26-07)
If the legislative body of any city in the County of San Diego imposes a tax pursuant to Part 6.7 of Division 2 of the Revenue and Taxation Code equal to one-half the amount specified in Section 22.302 of this chapter, a credit shall be granted against the taxes due under this ordinance in the amount of the city's tax. No credit shall be allowed against any county tax for a city tax which is not in conformity with that part.
(Amended by Ord. No. 9889 (N.S.), effective 10-26-07; amended by Ord. No. 10511 (N.S.), effective 1-4-18)
The County Recorder shall administer and enforce this chapter and shall also administer any ordinance adopted by any city in the County pursuant to part 6.7 (commencing with Section 11901) of Division 2 of the Revenue and Taxation Code, imposing a tax for which a credit is allowed by this chapter. On or before the fifteenth day of the month the Recorder shall report to the County Auditor the amounts of taxes collected during the preceding month pursuant to this chapter and each applicable city ordinance. The Auditor shall allocate and distribute monthly said taxes as follows:
(a) All monies which relate to transfers of real property located in the unincorporated territory of the County shall be allocated to the County.
(b) All monies which relate to transfers of real property located in a city in the County which has imposed a tax pursuant to said Part 6.7 shall be allocated one-half to the city and one-half to the County.
(c) All monies which relate to transfers of real property located in a city in the County which imposes a tax on transfers of real property not in conformity with said Part 6.7 shall be allocated to the County.
(d) All monies which relate to transfers of real property in a city in the County which does not impose a tax on transfers of real property shall be allocated to the County.
(Amended by Ord. No. 3205 (N.S.), effective 7-1-68; amended by Ord. No. 9889 (N.S.), effective 10-26-07)
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