Qualified Opportunity Funds - Initial Proposed Regulations
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 November 14, 2018 the IRS released Draft Instructions for Form 8949, Sales and other Dispositions of Capital Assets.
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 January 7, 2019, the IRS released Form 8996, Qualified Opportunity Fund.
UPDATE: On January 22, 2019, the IRS released the Instructions for Form 8996, Qualified Opportunity Fund.
Also of Interest
- General Public Use Requirement for Qualified Residential Rental Projects
This Hawkins Advisory provides information of specific interest to multi-family housing bond issuers regarding the general public use requirement for qualified residential rental projects.
- Average Area and Nationwide Purchase Price Safe Harbor Limits
This Hawkins Advisory includes information of specific interest to single-family housing bond issuers regarding Average Area and Nationwide Purchase Price Safe Harbor Limits
- Final TEFRA Hearing & Approval Regulations
This issue of the Hawkins Advisory discusses TEFRA final regulations.
- IRS Proposed Issuance Regulations
This edition of the Hawkins Advisory summarizes these proposed regulations and discusses the effects of a retirement or reissuance of tax-exempt bonds.