4. The provisions of sections 2 and 3 of this act shall not apply to: a. Any sale or transfer of the property of a private residential leasehold community which is not made in contemplation of changing that property to a use or uses other than as a private residential leasehold community. b. Any sale or transfer to a person who would be included within the table of descent and distribution if the landowner were to die intestate. c. Any transfer by gift, devise, or operation of law. d. Any transfer by a corporation to an affiliate. As used herein, "affiliate" means (1) any shareholder exercising control, or control through attribution as defined under section 318 of the Internal Revenue Code, of the transferring corporation;
(2)any corporation or entity owned or controlled, directly or ind
Free access — add to your briefcase to read the full text and ask questions with AI
4. The provisions of sections 2 and 3 of this act shall not apply to: a. Any sale or transfer of the property of a private residential leasehold community which is not made in contemplation of changing that property to a use or uses other than as a private residential leasehold community. b. Any sale or transfer to a person who would be included within the table of descent and distribution if the landowner were to die intestate. c. Any transfer by gift, devise, or operation of law. d. Any transfer by a corporation to an affiliate. As used herein, "affiliate" means (1) any shareholder exercising control, or control through attribution as defined under section 318 of the Internal Revenue Code, of the transferring corporation; (2) any corporation or entity owned or controlled, directly or indirectly, by the transferring corporation; or (3) any other corporation or entity owned or controlled, directly or indirectly, by any shareholder of the transferring corporation. For the purposes of this subsection, control shall mean control as defined in section 304 of the Internal Revenue Code. e. Any transfer by a partnership to any of its partners, whether general partners or limited partners, or partners or individuals to a corporation where the control of the corporation is substantially the same. f. Any conveyance of an interest in a private residential leasehold community incidental to the financing of that community. g. Any conveyance resulting from the foreclosure of a mortgage, deed of trust, or other instrument encumbering a private residential leasehold community, or any deed given in lieu of such foreclosure. h. Any sale or transfer between or among joint tenants or tenants in common owning a private residential leasehold community. i. The purchase of land of a private residential leasehold community by a governmental entity under its powers of eminent domain. j. Any sale which occurs as a result of a condominium or cooperative conversion. k. Any sale of real estate owned by the private residential leasehold community landowner which is adjacent to the private residential leasehold community land, but does not have appurtenant to it private residential leasehold sites or spaces or related recreational facilities. L.1991,c.483,s.4; amended 1995,c.365,s.4.