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New Second Set of Proposed Regulations Sheds Needed Light on Qualified Opportunity Funds



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In this exclusive LISI Webinar, Jim Weller will discuss IRC §1400Z and the second set of proposed regulations that were recently sent to the Office of the Federal Register for publication.

IRC §1400Z was designed to encourage private investment and economic growth in low-income communities.  By investing capital gain from the sale or exchange of any property to an unrelated party in a Qualified Opportunity Fund, a taxpayer can defer tax on the capital gain until December 31, 2026.  Depending on the holding period of the investment in a Qualified Opportunity Fund, a taxpayer can eliminate part of the deferred gain and any gain on the appreciation from the date of purchase of the investment. 

The second set of proposed regulations fills many gaps left unanswered by the proposed regulations issued on October 19, 2018.  One area of particular interest that is addressed is the development of a non-exclusive list of events that will trigger deferred capital gain prior to December 31, 2026.

Don’t miss Jim’s important review of the proposed regulations where he will address many of the important issues raised by these new regulations, including:

·       The special basis step-up election for eligible interests in a qualified opportunity fund held for at least 10 years;

·       The new election for investors with eligible interests in a qualified opportunity fund for at least 10 years to exclude net section 1231 capital gains realized;

·       How leased property can qualify as opportunity zone business property;

·       How to qualify land as qualified opportunity zone business property;

·       Rules were proposed in which abandoned or other vacant structures can qualify as original use property

·       The premature cash out rules applicable to eligible investments in a qualified opportunity fund  were proposed;

·       How carried interests for Opportunity Zone benefits can be dsqualified;

·       Rules relating to the qualification of contributions of property to a qualified opportunity fund in lieu of cash to acquire eligible interests were established

·       How the ownership and operation or real estate can be an active business;

·       How the “net section 1231 gain” deferral rules work;

·       How the 12-month reinvestment rule works;

·       An overview of the changes made to Form 8996, Certification of a Qualified Opportunity Fund



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James P. Weller, JD, LL.M, is President of Greenway Capital Advisors, LLC in Houston and Las Vegas. Greenway provides an array of administrative services to private trust companies, individual trustees, individuals, and family entities. Jim has written estate and tax planning articles for the ACTEC Law Journal, Leimberg Information Services, Inc., the Journal of Practical Estate Planning, and the Journal of Financial Planning. His book titled “Tax-Smart Wealth Planning” was published in 2006. Jim has over 30 years experience in the trust, estate, and tax planning industry, and he is member of the State Bar of Michigan.


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