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Opportunity (Zones) Unlocked
Posted by Tony Pisani on Wed, Jun 12, 2019 @ 02:07 PM

The highly-anticipated second round of IRS guidance concerning tax benefits under the new Qualified Opportunity Zone (QOZ) program was published on April 17. It clarifies many of the terms established under previous proposed regulations and seeks comments on remaining questions. The newly proposed regulations address several operational and exit issues, including the criteria used to determine qualifying investments and requirements applicable to leased property used by a taxpayer within the QOZ program.

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Topics: IRS, TCJA, Tax Reform Act, Tony Pisani, Qualified Opportunity Zone, QOZ, QOZ Fund

New Bonus Depreciation Regs Bring Clarity, Anti-Abuse Provisions, But No Fixes
Posted by Tony Pisani on Thu, Sep 13, 2018 @ 04:09 PM

The IRS took a step toward clarifying an issue in the new tax reform law, but it did not answer one of the biggest provisions surrounding bonus depreciation.

On Aug. 3, 2018, the IRS and Treasury Department released the first proposed regulations on the expanded bonus depreciation provisions enacted by the 2017 tax reform act (the Act). These regulations provide clarification on which types of property qualify, when a taxpayer will not be considered to have previously used property, when property is acquired and placed in service and the effect of certain partnership elections. The new anti-abuse provisions focus on ensuring that the deduction is not claimed by multiple entities in the same controlled group and that the original use requirement is not circumvented.

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Topics: IRS, Bonus Depreciation, Partnerships, Tax Reform Act, Tony Pisani

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