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2238 LAWS OF MARYLAND Ch. 813
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(2) Transfers of tangible personal property made
pursuant to a reorganization within the meaning of §
368(a) or in accordance with §§ 371 or 374 of the
Internal Revenue Code of 1954;
(3) Distributions of tangible personal property by
a corporation to its stockholders as a liquidating
distribution;
(4) Transfers of tangible personal property to a
partnership solely as a contribution to the capital of a
partnership or in consideration for a partnership
interest therein, AND, IN DETERMINING WHETHER SUCH A
TRANSFER IS SOLELY IN CONSIDERATION FOR A PARTNERSHIP
INTEREST, NO LIABILITY TRANSFERRED TO OR ASSUMED BY THE
PARTNERSHIP SHALL. AS TO TRANSFERS WHICH WOULD OTHERWISE
QUALIFY AS CASUAL AND ISOLATED SALES PURSUANT TO SECTION
326(E) OF THIS ARTICLE, IF NO ACCOUNT WERE TAKEN OF THE
DOLLAR LIMITATION PROVIDED THEREIN, IN DETERMINING
WHETHER SUCH TRANSFERS ARE MADE SOLELY AS A CONTRIBUTION
TO THE CAPITAL OF A PARTNERSHIP OR IN CONSIDERATION FOR A
PARTNERSHIP INTEREST THEREIN, LIABILITIES TRANSFERRED TO
OR ASSUMED BY THE PARTNERSHIP SHALL NOT BE DEEMED
CONSIDERATION TRANSFERRED BY THE PARTNERSHIP IN EXCHANGE
FOR THE TANGIBLE PERSONAL PROPERTY; AND
(5) Distributions of tangible personal property by
a partnership to its partners,
375.
The use, storage or consumption in this State of the
following tangible personal property is hereby
specifically exempted from the tax imposed by this
subtitle:
(b) Tangible personal property expressly exempted
from the retail sales tax imposed by this State under the
terms and provisions of §326 AND SECTION 326A of this
article.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1977.
Approved May 26, 1977.
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CHAPTER 814
(House Bill 1299)
AN ACT concerning
Inspection - State Vehicles
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