Opportunity Zones: Tax Panacea or High-Risk Money Pit?
The first time I heard the term "opportunity zone" was in October 2018 while playing golf with a CPA friend of mine. He described to me the scant details known at the time about Section 1400Z of the Internal Revenue Code.
It appeared, according to my friend, that there was a special new rule that allowed capital gain taxes to be delayed or even avoided if they were reinvested in specific geographic zones designated by the governor of each state. I was certainly intrigued by this and spent the next few days poring through internet articles and commentary on this new investment opportunity, which could present significant benefits for my clients.
I was disappointed at the time to find that little was known about how opportunity zone investments would work.
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