Here’s a link to Mayer Brown’s white paper – Window of Opportunity: the IRS Releases Initial Guidance on Qualified Opportunity Zone Rules.  The white paper discusses the proposed regulations and a revenue ruling that were released by the IRS on October 19.

The new rules address a number of issues that investors and sponsors were waiting for guidance on.  The IRS has promised further guidance to address issues that remain in need of clarification.

On the heels of this guidance, it is expected there will be many Qualified Opportunity Funds formed, considerable capital invested in them by taxpayers seeking to defer tax on capital gains and significant investment by them in Qualified Opportunity Zones.