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LAWS OF MARYLAND

Ch. 8

addition to any other transfer tax imposed by this
title.

Defined terms: "Articles of transfer" § 13-101
"Corporation" § 1-101 "County" § 1-101
"County transfer tax" § 13-401
"Department" § 1-101 "Property" § 1-101
"Real property" § 1-101

13-405. TAX ON CORPORATE OR PARTNERSHIP TRANSFERS.

(A)  APPLICABILITY OF TAX.

EXCEPT AS PROVIDED IN SUBSECTION (C) OF THIS     SECTION,

COUNTY TRANSFER TAX APPLIES TO CONVEYANCES THAT TRANSFER  THE REAL

PROPERTY OF A CORPORATION TO ITS STOCKHOLDERS OR    THE REAL

PROPERTY OF A PARTNERSHIP TO ITS PARTNERS ON:                         

(1)  LIQUIDATION;

(2)  DISSOLUTION; OR

(3)  TERMINATION.

(B)  DETERMINATION OF CONSIDERATION.

FOR A CONVEYANCE THAT IS TAXABLE UNDER THIS SECTION, COUNTY
TRANSFER TAX APPLIES TO THE VALUE OF THE REAL PROPERTY DETERMINED
BY THE DEPARTMENT AT THE DATE OF FINALITY IMMEDIATELY BEFORE THE
DATE OF TRANSFER.

(C)  EXEMPTIONS FROM TAX.

A CORPORATE OR PARTNERSHIP CONVEYANCE TRANSFER AS DESCRIBED
IN § 12-108(Q) 12-108(P) AND (Q) OF THIS ARTICLE IS NOT SUBJECT
TO THE COUNTY TRANSFER TAX.

REVISOR'S NOTE: Subsections (a) and (b) of this section are
new language derived without substantive change from
former Art. 81, § 277B(a) through- (d), as those
subsections related to county transfer tax.

Subsection (c) of this section is new language
substituted for former Art. 81, § 277B(e) as that
subsection related to county transfer tax. The
substituted language clarifies the relationship
between this exemption and the corresponding
recordation tax exemption.

In the introductory language of subsection (a) of this
section, the defined term "county transfer tax" is
substituted for the former references to "[t]he taxes
imposed ... by ... the transfer taxes of the counties
and the City of Baltimore" and "[t]he taxes referred
to in subsection (a)", for clarity.