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<br />"Section 32.48. <br /> <br />Any tax imposed pursuant to this article <br /> <br />shall not apply to the making or delivery of conveyances to <br /> <br />make effective any order of the Securities and Exchange Com- <br /> <br />mission, as defined in subdivision (a) of Section 1083 of the <br /> <br />"(a) <br /> <br />Internal Revenue Code of 1954; but only if: <br /> <br />"(b) <br /> <br />" (c) <br /> <br />The order of the Securities and Exchange Commission <br />in obedience to which such conveyance is made recites <br />that such conveyance is necessary or appropriate to <br />effectuate the provisions of Section 79k of Title 15 <br />of the United States Code, relating to the Public <br />Utility Holding Company Act of 1935; <br /> <br />Such order specifies the property which is ordered <br />to be conveyed; <br /> <br />Such conveyance is made in obedience to such order. <br /> <br />"Section 32.49. <br /> <br />In the case of any realty held by <br /> <br />(a) <br /> <br />a partnership, no levy shall be imposed pursuant to this article <br /> <br />by reason of any transfer of an interest in a partnership or <br /> <br />otherwise, if: <br /> <br />" (1) <br /> <br />" (2) <br /> <br />"(b) <br /> <br />Such partnership (or another partnership) is <br />considered a continuing partnership within the <br />meaning of Section 708 of the Internal Revenue Code <br />of 1954, and <br /> <br />Such continuing partnership continues to hold the <br />realty concerned. <br /> <br />If there is a termination of any partnership within <br /> <br />the meaning of Section 708 of the Internal Revenue Code of <br /> <br />1954, for purposes of this article, such partnership shall be <br /> <br />treated as having executed an instrument whereby there was <br /> <br />transferred, for fair market value, all realty held by such <br /> <br />"(c) <br /> <br />partnership at the time of such termination. <br /> <br />Not more than one tax shall be imposed pursuant <br /> <br />to this article by reason of a termination described in <br /> <br />subdivision (b), and any transfer pursuant thereto, with respect <br /> <br />to the realty held by such partnership at the time of such <br /> <br />termination. <br /> <br />-4- <br />