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IRS Finalizes Qualified Opportunity Zone Regulations

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The IRS has released final regulations on investing in Qualified Opportunity Zones (QOZs).

The final rules retain the general approach of regulations proposed on 10/28/18 and 5/1/19, but introduce certain modifications. Among other things, the final regulations

(1) 

provide additional guidance on the election to temporarily defer the inclusion of certain eligible gain

(2) 

address the ability to increase the basis of a qualifying investment to fair market value after 10 years

(3) 

provide a list of income inclusion events and how to compute the income inclusion amount at the time of the event

(4) 

clarify how an entity becomes a Qualified Opportunity Fund (QOF) or QOZ business; and

(5) 

provide additional guidance on the QOZ business property rules

According to the IRS, related forms, instructions, and other information needed to take advantage of the final regulations will be available in January 2020.

If you have any questions about the Qualified Opportunity Zones we will be happy to meet with you and discuss concerns unique to your situation. In the meantime, feel free to call or email Mariana Moghadam at mariana.moghadam@SobelCoLLC.com or 973-994-9494. We are glad to help!

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