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<br />ordinance shall not apply to the making or delivery <br /> <br />of conveyances to make effective any order of the <br /> <br />Securities and Exchange Commission, as defined in <br /> <br />subdivision (a) of Section l083 of the Internal Revenue <br /> <br />Code of 1954j but only if -- <br /> <br />(a) The order of the Securities and Exchange <br />Commission in obedience to which such con- <br />veyance is made recites that such conveyance <br />is necessary or appropriate to effectuate <br />the provisions of Section 79k of Title l5 of <br />the United States Code, relating to the Public <br />Utility Holding Company Act of 1935j <br /> <br />(b) Such order specifies the property which is <br />ordered to be conveyed; <br /> <br />(c) Such conveyance is made in obedience to such <br />order. <br /> <br />"SECTION 32.47. <br /> <br />(a) In the case of any realty held <br /> <br />by a partnership, no levy shall be imposed pursuant to <br /> <br />this ordinance by reason of any transfer of an interest <br /> <br />in a partnership or otherwise, if __ <br /> <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 /> <br />(2) Such continuing partnership continues to hold <br />the realty concerned. <br /> <br />(b) If there is a termination of any partnership <br /> <br />within the meaning of Section 708 of the Internal Revenue <br /> <br />Code of 1954, for purposes of this ordinance, such partner- <br /> <br />ship shall be treated as having executed an instrument <br /> <br />whereby there was conveyed, for fair market value (ex- <br /> <br />clusive of the value of any lien or encumbrance remaining <br /> <br />thereon), all realty held by such partnership at the time <br /> <br />of such termination. <br /> <br />(c) Not more than one tax shall be imposed pursuant <br /> <br />to this ordinance by reason of a termination described in <br /> <br />subdivision (b), and any transfer pursuant thereto, with <br /> <br />- 3 - <br />