Ch. 683

1997 LAWS OF MARYLAND

Annotated Code of Maryland

(1994 Replacement Volume and 1996 Supplement)

BY repealing and reenacting, without amendments,
Article - Tax - Property
Section 13-405(c)
Annotated Code of Maryland
(1994 Replacement Volume and 1996 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Tax - Property

12-108.

(y) (1) IN THIS SUBSECTION, "PREDECESSOR ENTITY" INCLUDES A:

(I)      GENERAL PARTNERSHIP;

(II)     LIMITED PARTNERSHIP;

(III)   LIMITED LIABILITY PARTNERSHIP;

(IV)   LIMITED LIABILITY LIMITED PARTNERSHIP; AND

(V)     PROPRIETORSHIP, COMPRISED OF ONE OR MORE
INDIVIDUALS, WHICH IS INVOLVED PRINCIPALLY IN BUYING, SELLING, LEASING, OR
MANAGING REAL PROPERTY; AND

(VI)   JOINT VENTURE.

(2) An instrument of writing that transfers title to real property from a
[partnership] PREDECESSOR ENTITY OR A TRUSTEE OR NOMINEE OF A
PREDECESSOR ENTITY to a limited liability company is not subject to recordation tax if:

[(1)] (I) 1. the members of the limited liability company are identical to
the partners of the converting GENERAL partnership, LIMITED PARTNERSHIP, LIMITED
LIABILITY PARTNERSHIP, OR LIMITED LIABILITY LIMITED PARTNERSHIP; [and] OR

2. THE MEMBERS OF THE LIMITED LIABILITY COMPANY
ARE IDENTICAL TO THE INDIVIDUAL OR INDIVIDUALS OF THE CONVERTING
PROPRIETORSHIP; OR

3. THE MEMBERS OF THE LIMITED LIABILITY COMPANY
ARE IDENTICAL TO THE JOINT VENTURERS OF THE CONVERTING JOINT VENTURE;

AND

[(2)] (II) each member's allocation of the profits and losses of the limited
liability company is identical to that member's allocation of the profits and losses of the
converting [partnership] PREDECESSOR ENTITY.; AND

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