Qualified Opportunity Funds: Eligibility Requirements, Recent Regulations, Form 8996 Self-Certification

Note: CLE credit is not offered on this program

A live 110-minute CPE webinar with interactive Q&A

Thursday, June 6, 2019

1:00pm-2:50pm EDT, 10:00am-11:50am PDT

Early Registration Discount Deadline, Friday, May 10, 2019

or call 1-800-926-7926

This webinar will address the latest compliance challenges investors and tax practitioners are facing with opportunity funds. Section 1400Z, Revenue Ruling 2018-29 and the regulations released Oct. 19, 2018, explain the rules, answer some questions and create new ones. The panelists will provide guidance on the best procedures to fully utilize and preserve the tax incentives offered by investing in Opportunity Zones (OZs). They will cover ensuring your opportunity fund is qualified, meeting the thresholds to avoid penalties, and the mechanics of preparing Form 8996, Qualified Opportunity Fund, for self-certification.


There are already more than 8,700 designated OZs located in all 50 states and several U.S. territories. Investing in OZs generates basis step-ups along the way. Initially, the deferred gain is invested in an opportunity fund with a basis of zero. If the assets remain for five years they earn a step-up equal to 10% of the gain postponed; if they are held seven years, this increases to 15%. Since all deferred gains are taxed Dec. 31, 2026, investors must act this year to get the 15% step-up.

Additionally, assets in a qualified opportunity fund for 10 years receive a basis step-up equal to fair market value, and no capital gains tax applies. Taxpayers and tax practitioners alike are excited that there is a vehicle, other than death, that eliminates capital gains on appreciation.

Amid all the excitement are compliance issues. Gain proceeds must be invested in a "qualified" opportunity fund (QOF). There may be substantial opportunity for a golf course, racetrack or country club but these and other businesses fail to qualify. Additionally, a QOF must be a corporation or partnership, 90% of a QOF's assets must be invested in QOZ property, its use must begin with this business, and there are related party rules. These related party rules, however, are unique to OZs.

Listen as our panel of experts breaks down the complexities of the newly enacted SubChapter Z, provides clarification of recent regulations, and recommendations for implementing a QOF as we anticipate a second set of regulations.



  1. Tax incentives
  2. Qualifying a QOF, steps and thresholds
  3. Issues clarified by regulations and Ruling 2018-29
  4. Unanswered questions
  5. Practical guidance


The panel will review these and other important issues:

  • Tax incentives offered by investing in OZs
  • QOF qualification requirements
  • Self-certifying a QOF
  • Interpreting recent guidance
  • Unsettled issues


Bailey, Henry
Henry A. Bailey, Jr.

Berman Fink Van Horn

Mr. Bailey represents buyers and sellers with an eye on bringing prompt and effective resolutions for his clients with...  |  Read More

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