Many investors are biting at the chops, or at the least tempted, to sow for the harvest of enticing new Qualified Opportunity Zone (QOZ) tax breaks. Beyond the economic risk of investing in property in distressed areas, the problem is the QOZ statutes and regs don’t provide enough certainty to give would-be investors the comfort to give it a go. On 04/17/19, Treasury dropped into our laps the second batch of long awaited QOZ proposed regulations. This is very good news. But, the bad news is we did not get all the news we needed. Either way, investors need answers today.
Working examples of all 3 QOZ tax breaks, Qualified Opportunity Funds (QOFs) and Qualified Opportunity Fund Businesses (QZOBs) - Who’s (what’s) in, who’s (what’s) out? Structure, deadlines, compliance obligations and penalties, Whether the entity (QOF) or its assets must be sold to obtain exclusion, How do the rules work with tiered partnerships? Like kind exchange interplay or, by contrast, as an alternative approach, Estate and gift planning interplay, Timing, timing, timing and timing
To learn the backstory: QOZ statutory scheme and first round of proposed regs (Act 1); To learn all-new round 2 of proposed regs (Act 2). To learn what Treasury and IRS have yet to tell us (Act 3)
Bradley P. Burnett is a tax accountant and attorney with an emphasis on tax planning and tax controversy. Prior to establishing a law firm in 1990, Burnett worked as a tax senior for a national CPA firm, tax manager for a local CPA firm, trust officer for a major bank, and managed the tax department as a partner in a medium-sized Denver law firm.
Burnett has delivered more than 650 presentations on tax law and tax planning to CPAs, attorneys, and civic groups throughout 46 states, Washington, D.C., and British Columbia. He has authored the texts of 12 full-day CLB/CPE courses, authored tax materials for Commerce Clearing House, and written various articles for tax journals and legal journals in the past 14 years.
After receiving his undergraduate degree in accounting and law degree, he earned a master’s in taxation from the University of Denver in 1984. Burnett has served as an adjunct professor at the University of Denver Graduate Tax Program.
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