By David Levy, Nickolas Gianou and Diana Lopo (August 7, 2018, 6:58 PM EDT) -- The Tax Cuts and Jobs Act enacted in late December 2017 created a new capital gains exemption for taxpayers who make long-term investments in low-income communities that have been designated by the Treasury Department as "opportunity zones." Following the completion of the six-month designation process, such zones now exist in every state and roughly 12 percent of the nation's land mass, including all of Puerto Rico, lies in an opportunity zone. Every major city has at least one opportunity zone and the zones also exist in suburban and rural areas. Some opportunity zones in the West and Southwest appear to be larger than some of the smaller states in the Northeast....