Write at least three pages summarizing the overarching purpose and general mechanics of Opportunity Zones. This paper should, at a minimum, address the following topics.
• The impetus for establishing Opportunity Zones and the primary objective(s) intended to be achieved by their creation and use
• The basic operation of Opportunity Zones, including how the areas are designated, how taxpayers become involved, eligibility requirements, etc.
• Most significantly, the tax issues associated with Opportunity Zones, including the specific tax benefits available to taxpayers who participate in the program
To guide your writing, you are encouraged to begin by reading Subchapter Z. Then, you may consult secondary resources on the topic. These resources include CCH IntelliConnect and Checkpoint editorial content and analyses issued by professional services firms and other organizations. To help you get started, I have included a reference to the statute and links to a few secondary resources below.
Resources –
26 USC Subtitle A, CHAPTER 1, Subchapter Z: Opportunity Zones, Code Secs. 1400Z–1 and 1400Z–2
IRS FAQs (https://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions)
Tax Policy Center (https://www.taxpolicycenter.org/briefing-book/what-are-opportunity-zones-and-how-do-they-work)
Tax Foundation (https://taxfoundation.org/opportunity-zones-what-we-know-and-what-we-dont/)
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