KPMG LLP today provides a report of initial impressions about the proposed regulations (REG-115420-18) that the U.S. Treasury Department and IRS released on October 19, 2018, along with a revenue ruling as guidance under section 1400Z-2—the opportunity zone measures added to the Code by the new U.S. tax law.
Read today's discussion of initial impressions: KPMG report: New rules for opportunity zones [PDF 1.3 MB]
Section 1400Z-2 relates to gains that may be deferred as a result of a taxpayer’s investment in a qualified opportunity fund (QOF), and was added to the Code by the new tax law (Pub. L. No. 115-97 enacted December 22, 2017).
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