3.08.080 Partnership interest.
A. In the case of realty held by a partnership, no levy is imposed by reason of transfer of an interest in a partnership if:
1. The partnership is a continuing partnership within the meaning of Section 708 of the Internal Revenue Code of 1954; and
2. The continuing partnership continues to hold the realty concerned.
B. If there is a termination of a partnership within the meaning of Section 708 of the Internal Revenue Code of 1954, for purposes of this chapter the partnership shall be treated as having executed an instrument whereby there was conveyed for fair market value (exclusive of the value of an encumbrance remaining) all realty held by the partnership at the time of termination.
C. Not more than one tax may be imposed by reason of a termination described in subsection B of this section, any transfer pursuant to it, with respect to the realty held by the partnership at the time of termination. (Ord. 76-3 § 8, 1976)