HARRY HUGHES, Governor                                       451

(I)  UNDER REORGANIZATIONS DESCRIBED IN § 368(A)
OF THE INTERNAL REVENUE CODE; OR

(II)  UNDER §§ 371 THROUGH 374 OF THE INTERNAL
REVENUE CODE.

(Q) CORPORATE OR PARTNERSHIP CONVEYANCE.

A CONVEYANCE BY A CORPORATION OR PARTNERSHIP IS NOT SUBJECT
TO RECORDATION TAX, IF THE CONVEYANCE TRANSFERS REAL PROPERTY. AN
INSTRUMENT OF WRITING THAT TRANSFERS REAL PROPERTY FROM A
CORPORATION OR PARTNERSHIP ON ITS LIQUIDATION, DISSOLUTION, OR,
TERMINATION IS NOT SUBJECT TO RECORDATION TAX, IF THE TRANSFEREE
IS:

(1)  TO AN ORIGINAL STOCKHOLDER OF THE CORPORATION OR
TO AN ORIGINAL PARTNER OF THE PARTNERSHIP;

(2)  TO A DIRECT DESCENDANT OR RELATIVE WITHIN 2
DEGREES OF AN ORIGINAL STOCKHOLDER OF THE CORPORATION OR ORIGINAL
PARTNER OF THE PARTNERSHIP COUNTING BY THE CIVIL LAW METHOD; OR

(3)  TO A STOCKHOLDER OR PARTNER WHO BECAME A
STOCKHOLDER OR PARTNER THROUGH GIFT OR BEQUEST FROM AN ORIGINAL
STOCKHOLDER OF THE CORPORATION OR ORIGINAL PARTNER OF THE
PARTNERSHIP.

(R) LAND INSTALLMENT CONTRACTS.

A LAND INSTALLMENT CONTRACT DESCRIBED IN § 10-101(B) OF THE
REAL PROPERTY ARTICLE IS NOT SUBJECT TO RECORDATION TAX.

(S) OPTIONS TO PURCHASE REAL PROPERTY.

AN OPTION AGREEMENT FOR THE PURCHASE OF REAL PROPERTY IS NOT
SUBJECT TO RECORDATION TAX.

(T) DEEDS FOR PRIOR CONTRACT OF SALE.

A DEED CONVEYING TITLE TO REAL PROPERTY IS NOT SUBJECT TO
RECORDATION TAX IF RECORDATION TAX WAS PAID ON A PRIOR CONTRACT
OF SALE BETWEEN THE SAME PARTIES FOR THE REAL PROPERTY.

(U) LEASES OF 7 YEARS OR LESS.

A LEASE OF 7 YEARS OR LESS, WHICH IS NOT REQUIRED TO BE
RECORDED UNDER § 3-101 OF THE REAL PROPERTY ARTICLE, IS NOT
SUBJECT TO RECORDATION TAX.

REVISOR'S NOTE: Subsections (a) through (q) of this section
are new language derived without substantive change
from former Art. 81, § 277(a)(2)(ii), (3), and (1), as
that paragraph related to the exemptions for vehicles
and vessels, and (b)(2), (j), and the second sentence
of (t) and as those subsections related to exemptions