IRS releases guidance regarding opportunity zone funds

19 October 2018 | Applicable law: US

On October 19, 2018, the Internal Revenue Service released much anticipated guidance regarding opportunity zone funds. The guidance included proposed regulations, a revenue ruling (Rev. Rul. 2018-29) and a draft form (with instructions).

Although many of the noted questions remain unanswered by this guidance, there is now additional clarity around key topics such as original use and substantial improvements, as well as some very helpful information regarding which taxpayers will be allowed to defer gain and which gains can be deferred using subsequent and timely investment in a qualified opportunity zone.

This document (and any information accessed through links in this document) is provided for information purposes only and does not constitute legal advice. Professional legal advice should be obtained before taking or refraining from any action as a result of the contents of this document.


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