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FINAL Regs Issued 12/19 Economic Opportunity Zones: Certainty and Further Questions Resulting from Final Regulations



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“How to use this powerful tool to defer and eliminate capital gains taxes for private and small business investments.” 

The Economic Opportunity Zone rules that were enacted with the 2017 Tax Reform Act were very difficult to decipher, and many tax and estate planning professionals are behind the eight ball on how to enable clients to defer or avoid capital gains taxes by making investments in now vibrant communities. 

 On December 19, 2019, the IRS issued its final set of Regulations, just days before the deadline to qualify for the full 15% reduction in capital gains.  Fortunately, taxpayers can invest capital gain income in an LLC that will qualify as a “Qualified Opportunity Fund” within 180 days of recognizing a capital gain transaction, as long as the Fund then invests in an qualifying Economic Opportunity Zone within 180 days thereafter. 

Many taxpayers recognized capital gains near the end of June of this year, and must make an investment in a Qualified Opportunity Fund in December in order to meet the 180-day deadline.  Fortunately, there are a number of nuances in the regulations that may allow the taxpayer to start counting the 180-day period on a later date. And there are many rules now clarified by the Final Regulations to be understood and explained.  

Please join Alan Gassman and John Beck for this 90-minute “straight to the point” webinar on strategies for qualifying an Economic Opportunity Zone investment. Best of all, their webinar will include checklists,  a review of tax forms, and many slides that can be used to explain these rules to clients and colleagues.  

Alan and John will cover the following topics: 

1.      How are the final regulations different from the proposed regulations, and  the best strategies to use to take full advantage of these new rules. 

2.      Traps for the unwary and uncertainties that need to fully understood before a Qualified Opportunity Fund should be funded. 

3.      How to qualify a property that was purchased before December 31, 2017 for deferral and elimination of gains. 

4.      The use of subsidiaries holding cash and other assets to ease the investment requirements. 

5.      How to use the working capital exception to avoid investing substantially all of the assets of the Economic Opportunity Zone company for its initial 31 months of existence. 

7.      The rules that apply to leasing property versus purchasing property in an Economic Opportunity Zone. 

8.      How to structure an LLC or other business or investment entity to qualify. 

9.      Timing issues relating to the initial investment in the Economic Opportunity Zone, and how long the investment must be held. 

10.    Timing issues related to partnerships, S corporations, and the “1231 property trap.” 

11.    An explanation of the “Substantial Improvement” and “Original Use” Tests.

 2.    How to treat 1231 gains depreciation recapture, and how it interacts with the Economic Opportunity Zone program. 

13.    Interaction with state law and possible added benefits. 

14.    How to use the working capital exception to avoid investing 100% of the assets of the Economic Opportunity Zone company for its initial 31 months of existence.



There will be no CE for this webinar


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Alan S. Gassman, J.D., LL.M., is a partner in the law firm of Gassman, Crotty & Denicolo, P.A., and practices in Clearwater, Florida. He is a frequent contributor to LISI, and has published numerous articles and books in publications such as BNA Tax & Accounting, Estate Planning, Trusts and Estates, Interactive Legal and Haddon Hall Publishing. The Alan Gassman Channel at Interactive Legal has recently opened, and features many books and resources, including many Florida and Federal based materials, forms and resources. He is also the Moderator for Bloomberg BNA's 2017 Estate Planning Webinar Series. On February 24th Alan and his partners Christopher Denicolo and Ken Crotty will present a Bloomberg BNA Webinar at 12:30 EST on Innovative Trust Planning for Uncertain Times. You can contact Alan at agassman@gassmanpa.com for more information with respect to these programs. 



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