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Town Ordinance <br />Page 3 <br /> <br />Any realty held by a partnership by reason of any transfer of an interest in a <br />partnership or otherwise; if: <br /> <br />(1) <br /> <br />Such partnership (or another partnership) is considered a continuing <br />partnership within the meaning of Section 708 of the Intemal Revenue Code <br />of 1954; and <br /> <br />(2) Such continuing partnership continues to hold realty concerned. <br /> <br />If there is a termination of any partnership within the meaning of Section 708 of the <br />Internal Revenue Code of 1954, for purposes of this ordinance, such partnership shall <br />be treated as having executed an instrument whereby there was conveyed, for fair <br />market value (exclusive of the value of any lien or encumbrance remaining thereon), <br />all realty held by such partnership at the time of such temfination. <br /> <br />Not more than one tax shall be imposed pursuant to this ordinance by reason of a <br />termination described in the preceding paragraph, and any transfer pursuant thereto, <br />with respect to the realty held by such partnership at the time of such termination. <br /> <br />Any deed, instrument, or writing to a beneficiary or mortgagee, which is taken from <br />the mortgagor or tmstor as a result of or in lieu of foreclosure; provided, that such tax <br />shall apply to the extent that the consideration exceeds the unpaid debt, including <br />accrued interest and cost of foreclosure. Consideration, unpaid debt amount and <br />identification of grantee as beneficiary or mortgagee shall be noted on said deed, <br />instrument or writing or stated in an affidavit or declaration under penalty of perjury <br />for tax purposes. <br /> <br />Section 6. Administration, <br /> <br /> Pursuant to the provisions of Sections 11931 - 11934 of the Revenue and Taxation Code, this <br />ordinance shall be administered by the County Recorder of the County of Nevada. <br /> <br />Section 7. Refunds. <br /> <br /> Claims for refunds of taxes imposed pursuant to this ordinance shall be governed by the <br />provisions of Chapter 5 (commencing with Section 5096) of Part 9 of Division 1 of the Revenue and <br />Taxation Code of the State of California. <br /> <br />Section 8. Supersession of County Ordinance. <br /> <br /> It is the intention of the Town Council of the Town of Truckee that as of the effective date <br />of this ordinance, it shall supersede the effectiveness of the real property transfer tax article of the <br />County of Nevada Ordinance Code (Chapter V, Article 3) regarding real property transfer taxes in <br /> <br /> <br />