3.16.050 Exceptions.
The tax imposed by Section 3.16.020 of this chapter shall not apply to:
A. Any transfer made solely to secure a debt; provided, however, that nothing herein contained shall be deemed to exclude the amount of any such indebtedness from being included in the "value of consideration," pursuant to Section 3.16.020 of this chapter in connection with transfers which are not made solely to secure a debt;
B. Transfers to make effective any plan of corporate reorganization or adjustment:
1. Confirmed under the Bankruptcy Act, as amended,
2. Approved in an equity receivership proceeding in court involving a railroad corporation as defined in Section 77(m) of the Bankruptcy Act, as amended,
3. Approved in an equity receivership proceeding in a court involving a corporation as defined in Section 106(3) of the Bankruptcy Act, as amended;
C. Any transfer of property from one spouse to the other in accordance with the terms of a decree of dissolution or in fulfillment of a property settlement incident thereto; provided, however, that such property was acquired by the husband and wife or husband or wife prior to the final decree of dissolution;
D. Transfer or transfers, conveyance, lease or sublease without consideration which confirm or correct a deed previously recorded or filed;
E. Transfer to or between the United States, state of California, any city, county, city and county, district or any other political subdivision of the state of California and transfer executed pursuant to eminent domain proceedings by the United States, state of California, any city, county, city and county, district or other political subdivision of the state of California;
F. Transfers made pursuant to any order by the court in any mortgage or lien foreclosure proceeding or upon execution of a judgment, or a transfer in lieu of foreclosure;
G. Transfers recorded prior to the effective date of this chapter;
H. 1. In the case of real property held by a partnership, the tax imposed shall not apply by reason of any transfer of an interest in a partnership or otherwise, if:
a. Such partnership is considered as a continuing partnership within the meaning of Section 708 of the Internal Revenue Code of 1954, and
b. Such continuing partnership continues to hold the real property concerned,
2. 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 transferred, for fair market value, all realty held by such partnership at the time of such termination,
3. Not more than one tax shall be imposed pursuant to this chapter by termination described in subsection (H)(2) of this section, and any transfer pursuant thereto, with respect to the real property held by such partnership at the time of such termination,
a. The making or delivery of conveyance 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:
i. 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 provisions of Section 79K of Title 15 of the United States Code, relating to the Public Utility Holding Company Act of 1935,
ii. Such order specifies the property which is ordered to be conveyed,
iii. Such conveyance is made in obedience to such order. (Prior code § 41.09.131)
