§ 1400Z-2(d)(2)(D)(i)

qualified opportunity zone business property

UNDECIDED

0 of 2 settled

  1. 1

    § 1400Z-2(d)(2)(D)(i)

    ALL OF

    The term “qualified opportunity zone business property” means tangible property used in a trade or business of the qualified opportunity fund if—

    “tangible property used in a trade or business of the qualified opportunity fund” Opening words
    “such property was acquired by the qualified opportunity fund by purchase (as defined in section 179(d)(2)) after December 31, 2017,” § 1400Z-2(d)(2)(D)(i)(I) needs Step 2 a purchase UNDECIDED
    “the original use of such property in the qualified opportunity zone commences with the qualified opportunity fund or the qualified opportunity fund substantially improves the property, and” § 1400Z-2(d)(2)(D)(i)(II)

    “Substantially” implies facts and circumstances. Cited by Reg. § 1.1400Z2(d)-2(b)(3)(i)(C), Reg. § 1.1400Z2(d)-2(b)(3)(i)(D)(2), Reg. § 1.1400Z2(d)-2(b)(3)(ii), Reg. § 1.1400Z2(d)-2(b)(3)(iv), Reg. § 1.1400Z2(d)-2(b)(3)(v), Reg. § 1.1400Z2(d)-2(b)(4)(iii)(C), Reg. § 1.1400Z2(d)-2(b)(4)(iii)(D)(1)(ii), Reg. § 1.1400Z2(d)-2(b)(4)(iii)(D)(2)(ii), Reg. § 1.1400Z2(d)-2(b)(4)(iv)(B)

    “during substantially all of the qualified opportunity fund’s holding period for such property, substantially all of the use of such property was in a qualified opportunity zone.” § 1400Z-2(d)(2)(D)(i)(III)

    “Substantial portion” is defined in Reg. § 1.1400Z2(d)-1(d)(3)(ii)(A).

  2. 2

    § 179(d)(2)

    a purchase

    ALL OF

    For purposes of paragraph (1), the term “purchase” means any acquisition of property, but only if—

    “any acquisition of property, but” Opening words
    “the property is not acquired from a person whose relationship to the person acquiring it would result in the disallowance of losses under section 267 or 707(b) (but, in applying section 267(b) and (c) for purposes of this section, paragraph (4) of section 267(c) shall be treated as providing that the family of an individual shall include only his spouse, ancestors, and lineal descendants),” § 179(d)(2)(A)
    “the property is not acquired by one component member of a controlled group from another component member of the same controlled group, and” § 179(d)(2)(B)
    “the basis of the property in the hands of the person acquiring it is not determined— in whole or in part by reference to the adjusted basis of such property in the hands of the person from whom acquired, or under section 1014(a) (relating to property acquired from a decedent).” § 179(d)(2)(C)