MEDIA ALERT: Deferred and Forgiven Tax on Gain with Qualified Opportunity Zones
--(BUSINESS WIRE)--Oct 17, 2019--
Wolters Kluwer Tax & Accounting:
What: The Tax Cuts and Jobs Act (TCJA) created a new provision in the Internal Revenue Code to permit taxpayers to defer and, at least to some extent, forgive tax on the gain from the sale or the exchange of property by investing that gain in specially designated Qualified Opportunity Zones (QOZs). The TCJA also restricted the use of like-kind exchanges, a commonly used tax deferral technique, to real estate and excluded its use for personal property. The Internal Revenue Service (IRS) has issued two major sets of proposed guidance on QOZs and hopes to finalize this guidance by the end of 2019.
Why: As is the case with tax deferral in like-kind exchanges, in order to qualify for deferral or forgiveness of tax on a sale or exchange of property, there are a number of rules and timing requirements that must be met. There are also significant differences from the like-kind exchange rules.
Who: Federal tax expert Mark Luscombe, JD, LL.M, CPA, Principal Federal Tax Analyst at Wolters Kluwer Tax & Accounting, is available to discuss the use of Qualified Opportunity Zones investments to defer or forgive gain on the sale of property.
PLEASE NOTE: The content of this article is designed to provide accurate and authoritative information in regard to the subject matter covered. The information is provided with the understanding that Wolters Kluwer Tax & Accounting is not engaged in rendering legal, accounting, or other professional services.
Contact: To arrange interviews with Mark Luscombe or other federal and state tax experts from Wolters Kluwer Tax & Accounting on this or any other tax-related topic, please contact:
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SOURCE: Wolters Kluwer Tax & Accounting
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PUB: 10/17/2019 12:00 PM/DISC: 10/17/2019 12:01 PM