OZ Legislation

PLR

PLR Ruling 202206016: Under Section 1.1400Z2(d)-1(a)(2)(i)—A taxpayer must “timely-file” Form 8996 to self-certify as a QOF

Case Law, IRS Rulings / March 1, 2022

On February 11, 2022, the IRS released Private Letter Ruling (PLR 202206016), addressing whether a taxpayer is qualified for a late regulatory election pursuant to Treas. Reg. §§ 301.9100-1 and 301.9100-3 of the Procedure and Administration Regulations; in order to file Form 8996. Form 8996 allows a taxpayer to self certify as a Qualified Opportunity …

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Opportunity Zone QOZB

Opportunity Zone Legislation: How OZs Came to Be

OZ Legislation, QOZB Basics / November 16, 2021

Opportunity Zones were created to help stimulate the economy in low-income and distressed communities. In April 2015, a white paper was issued by the Economic Innovation Group (EIG) titled, “Unlocking Private Capital to Facilitate Economic Growth in Distressed Areas.” Written by Jared Bernstein of the Center on Budget and Policy Priorities and Kevin. A. Bassett …

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