Exemptions partnerships.
San José Municipal Code § 4.59.090
in effect4.59.090 - Exemptions 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 1986, 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 1986, 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.
C. Not more than one tax shall be imposed pursuant to this Chapter by reason of a termination described in subsection B above, and any transfer pursuant thereto, with respect to the realty held by such partnership at the time of such termination.
D. Notwithstanding any other language in this Section 4.59.090, nothing in this Section shall exempt from the tax imposed under this Chapter any "realty sold" as described in Section 4.59.110.
(Res. 79325.)
Source: City of San José, Municipal Code (Municode Library, library.municode.com)URL: https://library.municode.com/ca/san_jose/codes/code_of_ordinances?nodeId=TIT4REFIBUTA_CH4.59REPRTRTA_4.59.090EXPAFetched: 11/1/2026