Article II — Exemptions

The tax imposed pursuant to this chapter shall not apply to any instrument in writing given to secure a debt.

(Prior gen. code § 2-30.01)

Any deed, instrument or writing to which the United States or agency or instrumentality thereof, any state or territory, or political subdivision thereof, is a party shall be exempt from any tax imposed pursuant to this chapter when the exempt entity of government is acquiring title.

(Prior gen. code § 2-30.02)

The tax imposed pursuant to this chapter shall not apply to the making, delivering or filing of conveyances to make effective any plan of reorganization of adjustment:

A.

Confirmed under the Federal Bankruptcy Act, as amended;

B.

Approved in any equity receivership proceeding in a court involving a railroad corporation, as defined in subdivision (m) of Section 205 of Title II of the United States Code, as amended;

C.

Approved in any equity receivership proceeding in a court involving a corporation, as defined in subdivision (3) of Section 506 of Title II of the United States Code, as amended; or

D.

Whereby a mere change in identity, form or place or organization is effected.

Subdivisions A to D inclusive, of this section shall only apply if the making, delivery or filing of instruments or transfer or conveyance occurs within five years from the date of such confirmation, approval or change.

(Prior gen. code § 2-30.03)

The tax imposed pursuant to this chapter shall not apply to the making or delivery of conveyances 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:

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 provisions 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.

(Prior gen. code § 2-30.04)

A.

In the case of any realty held by a partnership, no tax shall be imposed pursuant to this chapter by reason of any transfer of an interest in the partnership or otherwise, if:

1.

Such partnership (or other 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 chapter, 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 encumbrance 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 chapter by reason of a termination described in subdivision B of this section, and any transfer pursuant thereto, with respect to the realty held by such partnership at the time of such termination.

(Prior gen. code § 2-30.05)

If the legislative body of any city in the county imposes a tax pursuant to Part 6.7 of Division 2 of the Revenue and Taxation Code equal to one-half the amount specified in Section 2.04.020 of this chapter, a

credit shall be granted against the taxes due under this chapter in the amount of the city's tax.

(Prior gen. code § 2-30.06)