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<br /> ( a) The order of the Securities and Exchange <br /> Commission in obedience to which such <br /> conveyance is made recites that such <br /> conveyance is necessary or appropriate <br /> to effectuate the provisions of Section <br /> 79k of Title 15 of the United States Code, <br /> relating to the Public utility Holding <br /> Company Act of 1935; <br /> (b) Such order specifies the property which is <br /> ordered to be conveyed; <br /> ( c) Such conveyance is made in obedience to such <br /> order. <br /> "SECTION 32.48. ( a) In the case of any realty held <br />by a partnership, no levy shall be imposed pursuant to <br />this article by reason of any transfer of an interest in <br />a partnership or otherwise, if -- <br /> (1 ) Such partnership (or another partnership) <br /> is considered a continuing partnership within <br /> the meaning of Section 708 of the Internal <br /> Revenue Code of 1954; and <br /> ( 2) Such continuing partnership continues to hold <br /> the realty concerned. <br /> (b) If there is a termination of any partnership within <br />the meaning of Section 708 of the Internal Revenue Code of <br />1954, for purposes of this article, such partnership shall be <br />treated as having executed an instrument whereby there was <br />conveyed, for fair market value (exclusive of the value of <br />any lien or encumbrance remaining thereon) , all realty held <br />by such partnership at the time of such termination. <br /> (c) Not more than one tax shall be imposed pursuant to <br />this article by reason of a termination described in subdivision <br />(b) , and any transfer pursuant thereto, with respect to the <br />realty held by such partnership at the time of such termination. <br /> -4- <br /> 'r' <br />