Opportunity Zones: Final Regulations Are Out!

Author: Greg White

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC

The final regulations are out! Get ahead of the curve and be prepared to discuss the “O-zone” with your clients. Join Greg White, CPA, as he covers what you need to know from the 544-regulation package.

Publication Date: January 2020

Topics Covered

  • Why Do We Have QOFs?
  • QOFs— Grabbing Attention
  • Eligible Gains— "Shoe Horning" into QOF Benefits
  • Investing a Portion of Capital Gain
  • Impossible to Foresee Future Capital Gains Rates
  • Using Debts to Leverage QOF Benefits
  • Big Capital Gain
  • When Does the 180‐Day Clock Start Ticking?
  • Character Deferred Gain
  • Definitions
  • Requirements: Real Estate, Construction, or Substantial Improvement
  • Sin Businesses
  • Election to Defer Gain
  • Remember: Future Taxes Need to Be Paid
  • Second Hand QOFs
  • Tax Forms
  • Test: Percentage of Assets in Opportunity Zone and Penalty
  • Sales of Real Property §1031 or QOF
  • Is the Property in an OZ?
  • Types of Operating Businesses
  • What Did You Get Me Into?
  • Why Didn't You Discuss QOFs with Me?
  • Different Types of QOFs
  • Inclusion Events
  • Death and QOFs
  • Anti‐abuse Rules
  • Effective Date and Choice of Regs

Learning Objectives

  • Identify the latest opportunity zone regulations and how they apply to your clients
  • Recognize what you need in order to receive benefits of a QOF
  • Identify QOF Tax benefits
  • Recognize which form to use to make the election to defer a gain into a qualified opportunity fund that invests in a qualified opportunity zone property
  • Identify specific inclusion event
  • Describe installment sales
  • Recognize which type of business qualifies for a two-tier arrangement
  • Describe "sin" businesses and how to treat them
  • Identify a type of general inclusion event

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
A basic understanding of opportunity zones.

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $59.00

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