The IRS today released an advance version of Notice 2018-48 that lists the population census tracts designated by the Treasury Secretary as qualified opportunity zones.
Notice 2018-48 [PDF 3.87 MB] is 383 pages, and reflects the complete list of opportunity zone designations pursuant to measures in the new tax law (Pub. L. No. 115-97, enacted December 22, 2017). The U.S. Treasury’s Community Development Financial Institutions Fund (CDFI Fund) on June 14, 2018, released the complete list of opportunity zones and noted that this list would also be provided in a future edition of the Internal Revenue Bulletin (IRB)—hence today’s IRS notice (which will appear in the IRB).
Earlier this month, the IRS updated a list of “frequently asked questions” (FAQs) concerning opportunity zone rules under the new tax law. Read TaxNewsFlash
The new U.S. tax law (Pub. L. No. 115-97) generally provides for the temporary deferral and potential for partial exclusion of gains reinvested in a qualified opportunity fund and the permanent exclusion of gains from the sale or exchange of an investment held for at least 10 years in a qualified opportunity fund.
For more information, contact a tax professional with KPMG’s Washington National Tax:
Susan Reaman | + 1 (202) 533-3541 | firstname.lastname@example.org
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