BLAIR LEE III, Acting Governor

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consideration for the issuance of its stock AND TRANSFERS OF

TANGIBLE PERSONAL PROPERTY TO A CORPORATION SUBSEQUENT TO

ITS ORGANIZATION AS A CONTRIBUTION TO ITS CAPITAL. As to

transfers which would otherwise qualify as casual and

isolated sales pursuant to § 326 (e) of this article, if no

account were taken of the dollar limitation provided

therein, in determining whether such transfers are

principally in consideration for the issuance of a

corporation's stock, liabilities transferred to or assumed

by the corporation shall not be deemed consideration

transferred by the corporation in exchange for the tangible

personal property;

(2) Transfers of tangible personal property made

pursuant to a reorganization with 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. As to transfers which would otherwise qualify as

casual and isolated sales pursuant to § 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.

Article — Transportation

13-810.

(b) On transfer of a vehicle titled in this State and
issuance of a subsequent certificate of title, the vehicle
is exempt from the excise tax imposed by this part, if it
is:

(1)  A vehicle transferred to a spouse, son,
daughter, parent, sister, brother, grandparent,
father-in-law, mother-in-law, son-in—law, or daughter-in—law
of the transferor, and no money or other valuable
consideration is involved in the transfer;

(2)    A vehicle repossessed under a security
agreement, unless the sale of the vehicle is required under
the agreement;