3.48.030 EXEMPTIONS.

The tax imposed pursuant to Section 3.48.010 shall not apply to:

(a) Any document given to secure a debt, or a transfer to a beneficiary or mortgagee when it is taken in lieu of foreclosure;

(b) Any document to which the United States or any agency or instrumentality thereof; any state or territory, or political subdivision thereof; or the District of Columbia is a party; provided, that the tax may be collected by assessment from any other party liable therefor;

(c) Any document of transfer executed to make effective any plan of reorganization or adjustment which is:

(1) Confirmed under the Federal Bankruptcy Code, as amended,

(2) Approved in any equity receivership proceeding in a court involving either:

(A) A railroad corporation as defined in Section 101 of Title 11 of the United States Code, as amended.

(B) A corporation as defined in Section 101 of Title 11 of the United States Code, as amended; or

(3) To effectuate a mere change in identity, form or place of organization;

(d) Subdivision (c), above, shall only apply to a transfer that occurs within five years of the date of confirmation, approval, or change.

(e) Any document of transfer executed pursuant to and to effectuate any order of the Securities and Exchange Commission, as defined in subdivision (a) of Section 1083 of Title 26 of the United States Code, as amended; provided, that the order of the Securities and Exchange Commission in obedience to which such transfer is made:

(1) Recites that such transfer is necessary or appropriate to effectuate the provisions of Section 79K of Title 15 of the United States Code, as amended, relating to the Public Utility Holding Company Act of 1935; and

(2) Specifies the property which is ordered to be transferred;

(f) Any document making a transfer of an interest in a partnership or otherwise when the partnership (or another partnership) is considered a continuing partnership within the meaning of Section 708 of Title 26 of the United States Code, as amended, and such continuing partnership continues to hold the realty concerned.

(g) Any document making a transfer of community property, or interest among joint tenants or tenants in common provided that:

(1) The participating owners have held their respective interest for at least 5 years, or all participating owners acquired their respective interests in the same transaction, however recent; and

(2) No grantor receives any consideration beyond a release from any indebtedness secured by the property interest being transferred.

(h) Any document of interspousal transfer including: (a) transfer to a trustee for the beneficial use of a spouse or the surviving spouse of a deceased transferor, or by the trustee of such a trust to the spouse of the trustor; (b) transfers which take place upon the death of a spouse; (c) transfer to a spouse or former spouse in connection with a property settlement agreement or decree of dissolution of marriage or legal separation; (d) the creation, transfer, or termination, solely between spouses, of any co-owner's interest.

(i) Any document of transfer between parents and children of a single family residence or of property zoned single family residential. The term "children" shall include natural and adopted children, as well as stepchildren if they are legally stepchildren at the time of transfer, and any son-in-law-or daughter-in-law if they are legally in such relationship at the time of transfer.