(a) Except as otherwise provided herein, documents which make, confirm or evidence any transfer or demise of title to real estate between associations or corporations and the members, partners, shareholders or stockholders thereof are fully taxable. For the purposes of this chapter, corporations and associations are entities separate from their members, partners, stockholders or shareholders.
(b) A real estate company is an acquired company upon a change in the ownership interest in the company, however effected, if the change:
(1) Does not affect the continuity of the company; and
(2) Of itself or together with prior changes has the effect of transferring, directly or indirectly, ninety percent or more of the total ownership interest in the company within a period of three years.
(c) With respect to real estate acquired after February 16, 1986, a family farm corporation is an acquired company when, because of voluntary or involuntary dissolution, it ceases to be a family farm corporation, or when, because of issuance or transfer of stock or because of acquisition or transfer of assets that are devoted to the business of agriculture, it fails to meet the minimum requirements of a family farm corporation under this chapter.
(d) Within thirty days after becoming an acquired company, the company shall present for recording a declaration of acquisition with the Recorder of Deeds of Delaware County for the purpose of noting thereon or the affixation thereto of such documentary stamps or other evidence of the payment of this tax as required by law. Such declaration shall set forth the value of the real estate holdings of the acquired company in Delaware County.
(Ord. 851. Passed 10-11-88.)