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The second round of proposed regulations states that Section 1231 capital gains can only be available for investment in a QOF to the extent of the 1231 net capital gain amount and that the period for investment commences on the last day of a tax year.  A recent updated IRS FAQ provides relief for certain 2018 Section 1231 capital gain.  In general, Section 1231 property is depreciable property and real property used in a business, but does not include land held for investment. <a href="https://www.thompsonhine.com/uploads/1135/doc/1231Gains.pdf" target="_blank" rel="noreferrer noopener">Read more.</a>

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For more information, please contact Frank Ferrante, Alexis Kim, or any member of the firm’s <a href="https://www.thompsonhine.com/services/qualified-opportunity-zones" target="_blank" rel="noreferrer noopener">Qualified Opportunity Zones group</a>.

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Francesco A. Ferrante Thompson Hine LLP Phone: 937.443.6740 Mobile: 937.470.0598 <a href="mailto:Francesco.Ferrante@ThompsonHine.com">Francesco.Ferrante@ThompsonHine.com</a>

Alexis J. Kim Thompson Hine LLP 3900 Key Center 127 Public Square Cleveland, OH 44114 Phone: 216 566-5732 Mobile: 216-385-3493 <a href="mailto:Alexis.Kim@ThompsonHine.com">Alexis.Kim@ThompsonHine.com</a>

https://admin.thompsonhinestaging.contentpilot.net/wp-content/uploads/2022/04/1231Gains.pdf

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Partner

Francesco A. Ferrante

Senior Managing Associate

Alexis J. Kim

Qualified Opportunity Zones

New IRS FAQ Permits Section 1231 Gains Invested in a QOF  During 2018 to Be a Qualifying Investment