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The Department of the Treasury and the Internal Revenue Service collaborated to issue a seemingly innocuous document in the quietest possible manner – although that document seems destined to have thunderous repercussions on the Opportunity Zone industry. The document, issued Aug. 4, was styled as “corrections” to the “Final Regulations” under Code Section 14000Z-2, first published in the Federal Register on January 13, 2020, and then not-all-that-quietly amended by a further amending document published in the Federal Register on April 6, 2020.
The IRS Corrections document states: “As published on January 13, 2020 (85 FR 19082) the final regulations (TD 9889) contain errors that need to be corrected.” The IRS chose to “correct” just two specific matters: Decertification of QOFs and Safe harbor for working capital. Read the full article in OpportunityZone.com. Comments are closed.
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