Opportunity Zone Regs Could Still Leave Openings For Abuse
Law360 (October 19, 2018, 9:21 PM EDT) -- Guidance released Friday by the U.S. Department of the Treasury on the deferral of taxable gains under the opportunity zone program leaves potential avenues for abuse by investors, who may be able to take advantage of uncertainty over the treatment of largely vacant lots, as one example.
One practitioner said an aggressive interpretation of the regulations could mean one could acquire largely vacant land in an opportunity zone and not have to do anything too significant for it to become opportunity zone business property. (AP) Treasury and the Internal Revenue Service on Friday issued proposed regulations and a revenue ruling on opportunity...
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