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The "Qualified Opportunity Zone” rules in the US tax code allow taxpayers who have recognized gains from the sale of property to defer the tax on such gains by investing the gains in Qualified Opportunity Zones. In addition, if the investment is held for the requisite period of time, the gain on the Qualified Opportunity Zone can be tax-free. These substantial tax benefits are being offered in exchange for investments within communities in Qualified Opportunity Zones. This Legal Update, prepared by David Burton and Mark Leeds of Mayer Brown’s New York office, discusses how taxpayers can navigate these rules to garner the tax incentives associated with investments.
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