Section 1400Z of Internal Revenue Code, amended by The Tax Cuts and Jobs Act of 2017, allows a taxpayer to defer paying federal capital gains tax on the sale of property if that gain is invested in a Qualified Opportunity Fund (“QOF”). A QOF must invest at least 90% of its assets in businesses or property in designated low-income communities known as “Opportunity Zones.” In addition, taxpayers that hold investments in those funds for at least five years receive a 10 percent reduction in their original capital gains tax obligation; holding investments at least seven years adds an additional 5 percent reduction for a total of 15 percent; finally, holding an investment a full ten years means taxpayers do not have to pay any capital gains tax on the appreciation of the new investment.
Details
- Publication Date
- Jan 7, 2019
- Language
- English
- Category
- Business & Economics
- Copyright
- All Rights Reserved - Standard Copyright License
- Contributors
- By (author): TOMAS ALBERTO AVILA
Specifications
- Pages
- 94
- Binding
- Perfect Bound
- Interior Color
- Color
- Dimensions
- US Trade (6 x 9 in / 152 x 229 mm)