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PARRIS N. GLENDENING, Governor
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Ch. 692
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(v) 5. MARYLAND PROPRIETORSHIP OR FOREIGN
proprietorship, comprised of one or more individuals, which is involved principally in
buying, selling, leasing, or managing real property; and
(vi) 6. MARYLAND JOINT VENTURE OR FOREIGN joint venture.
(2) An instrument of writing that transfers title to real property from a
predecessor entity or a trustee or nominee of a predecessor entity to a limited liability
company is nut subject to recordation tax if:
(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;
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;
(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 predecessor entity; and
(iii) the instrument of writing that transfers title to real property
represents the dissolution of the predecessor entity for purposes of conversion to a
limited liability company.
13-207.
(a) An instrument of writing is not subject to transfer tax to the same extent
that it is not subject to recordation tax under:
(18) § 12-108(y) of this article (Transfer from predecessor entity to limited
liability company); or
13-405.
(c) A corporate, limited liability company, or partnership transfer as described
in § 12-108(p), (q), (v), (w), and (y) of this article is not subject to the county transfer
tax.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect October 1, 2000.
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Approved May 18, 2000.
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- 3539 -
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