This past April, the U.S. Treasury released a second set of proposed regulations relating to the qual­ified opportunity zone program. These proposed regulations address a wide range of is­sues affecting owners of real property located in “qualified opportunity zones” who want to develop their property using capital furnished by qualified opportunity zone pro­gram investors.

From the per­spective of those owners, the most impor­tant issues addressed by this second set of proposed regula­tions relate to the cir­cum­stances under which (1) unimproved land or a vacant structure acquired by pur­chase or real property acquired under lease that is used in trade or bus­iness in a qualified op­portunity zone will be treated as “quali­fied oppor­tunity zone business pro­perty;” and (2) the ownership and operation of real property is deemed conducting an active trade or business.

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