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Opportunity Zone Fundamentals – Structure, Compliance Requirements And Tax Filing Mechanics

Ashley Tison

OZ Pros

Friday, August 28, 2020 | 01:00 PM EDT

  • CPA

FREE

Subject Area

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Course Description

Capital gains tax has been generating a lot of buzz because the Treasury Department has identified ways to reduce it. One of the hidden gems of the recent tax-reform legislation is opportunity zones (generally referred to as o-zones) and the ability to defer, reduce and eliminate realized and future capital gain taxes as a result of certain investments. In nutshell, Opportunity zones are a new tool for community development, designed to provide tax incentives to help unlock investor capital to fund businesses in underserved communities.

While the OZ program comes with significant potential for positive impact, there are also serious risks. Many impact investors believe there are insufficient regulations in place clarifying how social impact will be measured and monitored — or how investors will be held accountable. Without such regulations, policy makers will have very limited information about the effects of the program, and few incentives are in place to deter negative community outcomes, including gentrification, displacement, and inequitable development. 

This course will provide :

  • A brief overview of the benefits of the Qualified Opportunity Zone tax incentive.
  • Essentials of structuring and ongoing compliance required by the legislation.
  • Overview of how the tax forms should be completed.
  • How to compute initial basis and basis adjustments?

Learning Objectives

  • To obtain a working understanding of the program
  • Advise clients with a capital gain about the benefits of the program
  • Identify potential ways to utilize the program, compute basis
  • To identify varioud ways to complete the requisite IRS forms