§ 21-30. Terminating partnerships.

(a)

For purposes of this article, if a partnership (or other entity treated as a partnership for federal income tax purposes) is considered terminated under the provisions of Section 708 of the Internal Revenue Code, such partnership, or other entity shall be deemed to have executed and delivered a document described in Section 21-18, conveying all real property owned by the partnership, or other entity, at the time of termination to its partners, in proportion to their ownership interest in the partnership, or other entity.

(b)

The provisions of subsection (a) of this section shall not apply to the extent that a terminating partnership, or other entity, executes and delivers a deed, or other document, conveying its real property upon termination.

(Ord. No. 3982, § 2 (part), 3-25-08)