Skip to code content (skip section selection)
Compare to:
Loading...
3.08.040   Nonapplicability to debt-securing instruments.
   Any tax imposed pursuant to this chapter shall not apply to any instrument in writing given to secure a debt.
(Prior code § 3.14.040 (Ord. 67-12-612 § 4))
3.08.050   Governmental entities exempt.
   Any deed, instrument or writing to which the United States or any agency or instrumentality thereof, any state or territory, or political subdivision thereof, is a party, shall be exempt from any tax imposed pursuant to this chapter when the exempt agency is acquiring title.
(Ord. 80-6-848 § 1: prior code § 3.14.050 (Ord. 67-12-612 § 5))
3.08.060   Certain conveyances exempted.
   A.   Any tax imposed pursuant to this chapter 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.
   B.   Subsections A(1) through A(4) of this section, inclusive, shall only apply if the making, delivery, or filing of instruments of transfer or conveyance occurs within five years from the date of such confirmation, approval, or change.
   C.   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, such 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 said deed, instrument or writing or stated in an affidavit or declaration under penalty of perjury for tax purposes.
(Ord. 80-6-848 § 2; prior code § 3.14.060 (Ord. 67-12-612 § 6))
3.08.070   SEC orders exempted.
   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 subdivision (a) of Section 1083 of the Internal Revenue Code of 1954; 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 effect the provisions of Section 79k of Title 15 of the United States Code, relating to the Public Utility Holding Company Act of 1935;
   B.   Such order specifies the property which is ordered to be conveyed;
   C.   Such conveyance is made in obedience to such order.
(Prior code § 3.14.070 (Ord. 67-12-612 § 7))
3.08.080   Applicability to 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.   Such partnership (or another partnership) is considered a continuing partnership within the meaning of Section 708 of the Internal Revenue Code of 1954; 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 1954, 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 lien or 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 of this section, and any transfer pursuant thereto with respect to the realty held by such partnership at the time of such termination.
(Prior code § 3.14.080 (Ord. 67-12-612 § 8))
Loading...