Law360 (June 1, 2018, 4:18 PM EDT) -- Upon its passage in December of this past year, President Trump declared the Tax Cuts and Jobs Act to be “an incredible Christmas gift for hardworking Americans.” While the accuracy of that statement is debatable, the benefit of the act’s tax incentive for investments in “qualified opportunity zones,” or QO zones, is undeniable, particularly in Virginia.
The QO tax incentive as I will refer to it herein, provides taxpayers with an opportunity to defer, if not eliminate, the recognition of federal income tax on the sale of property. Codified as Sections 1400Z-1 and 1400Z-2 of the Internal Revenue Code, the QO...
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