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Morrison & Foerster partner Jay Blaivas explained the benefits of the newly created Qualified Opportunity Zones in the Accounting Today article “Making the most of Qualified Opportunity Zones.”

Making the most of Qualified Opportunity Zones

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Morrison & Foerster partner Jay Blaivas explained the benefits of the newly created Qualified Opportunity Zones in the Accounting Today article “<a target="_blank" href="https://www.accountingtoday.com/news/making-the-most-of-qualified-opportunity-zones?brief=00000158-6edb-da3c-af5a-ffff76ed0000">Making the most of Qualified Opportunity Zones</a>.”“Under the proposed regulations, a QOZ business may retain cash, cash items, and certain debt as reasonable working capital for up to 31 months without causing a failure of the 90 percent asset test,” he said. “They make it clear that a partner in a partnership may defer its share of qualifying capital gains of the partnership by reinvesting the gains in an OZ Fund. They also provide guidance on the methods to be used in calculating compliance with the 90 percent test, and they clarify that the requirement that ‘substantially all’ of a Qualified Opportunity Zone business’s tangible property consist of QOZ business property will be satisfied if 70 percent of its tangible property so qualifies.”