ORD 0504 - Laserfiche WebLink

(c) 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 (d) Whereby a mere change in identity, form or place of organization is effected. Subdivisions (a) to (d), inclusive, of this section 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. SECTION 7. Any tax imposed pursuant to this ordinance shall not apply to the making or delivery of conveyances to make ef- fective 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 effectuate the pro- visions 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. SECTION 8. (a) In the case of any realty held by a partnership, no levy shall be imposed pursuant to this ordinance 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 ordinance, 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 en- cumbrance 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 ordinance by reason of a termination described in subdivision (b), and any transfer pursuant thereto, with respect to the realty held by such partnership at the time of such termination. SECTION 9. The County Recorder shall administer this ordinance in conformity with the provisions of Part 6.7 of Division 2 of the Revenue and Taxation Code and the provisions of any county ordinance adopted pursuant thereto. - 2 -