Qualified Opportunity Funds - Initial Proposed Regulations

Hawkins Advisory

10.31.2018

On October 19, 2018, proposed regulations providing preliminary guidance in connection with Opportunity Zone investments were released by the Department of the Treasury and the Internal Revenue Service. These proposed regulations are expected to be expanded and supplemented in the near future; taxpayers are permitted to rely on the proposed regulations if they are applied in their entirety and in a consistent manner.

UPDATE: On December 28, 2018, the IRS issued corrections to proposed rules that would provide guidance under new tax code Section 1400Z-2 relating to gains that may be deferred as a result of a taxpayer’s investment in a qualified opportunity fund.

UPDATE: On June 6, 2020, the IRS released the Opportunity Zone Notice 2020-39.

UPDATE: On August 27, 2020, the IRS released the Fact Sheet 2020-13 on Opportunity Zones

The list of designated Qualified Opportunity Zones can be found at Opportunity Zones Resources and in the Federal Register at IRB Notice 2018-48

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