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/PRNewswire/ Promised Land Opportunity Zone Farms I, LLC ("Promised Land") announced today that it recently closed a $50 million debt financing with. ....
To embed, copy and paste the code into your website or blog: Nestled within the new proposed regulations issued by the IRS on April 12 (the Proposed Regulations ) that mainly address foreign investors is needed relief for current Opportunity Zone projects. Under the statute, a Qualified Opportunity Zone Business ( QOZB ) must hold less than 5% of its assets as nonqualified financial property, which includes various financial instruments but does not include (i) reasonable amounts of working capital held in cash, (ii) cash equivalents, or (iii) short-term debt. The current Opportunity Zone regulations (the “Regulations”) provide a working capital safe harbor that treats working capital as reasonable for the purposes of the statute if certain requirements are met. In general, the working capital must be subject to a written schedule for its expenditure within 31 months (the Written Plan ). Further, the working capital must be spent in a manner that is substantial ....
To print this article, all you need is to be registered or login on Mondaq.com. Tax Facts is the newest podcast from Buchanan Ingersoll & Rooney all about the world of tax law and new changes that affect businesses and investors alike. On our first episode, Lisa Starczewski and Lafe Metz of Buchanan Ingersoll & Rooney discuss the world of Opportunity Zones, important deadlines for the program, and what the future holds for this valuable tax-incentive-laden investment tool. Lisa Starczewski is a shareholder at Buchanan and chair of the firm s Tax section as well as its Opportunity Zones Team. Lafe Metz is also a shareholder at Buchanan and chair of the firm s ....
To print this article, all you need is to be registered or login on Mondaq.com. Tax Facts is the newest podcast from Buchanan Ingersoll & Rooney all about the world of tax law and new changes that affect businesses and investors alike. On our first episode, Lisa Starczewski and Lafe Metz of Buchanan Ingersoll & Rooney discuss the world of Opportunity Zones, important deadlines for the program, and what the future holds for this valuable tax-incentive-laden investment tool. Lisa Starczewski is a shareholder at Buchanan and chair of the firm s Tax section as well as its Opportunity Zones Team. Lafe Metz is also a shareholder at Buchanan and chair of the firm s ....
To embed, copy and paste the code into your website or blog: On January 19, 2021, the Internal Revenue Service (“IRS”) issued Notice 2021-10 (the “Notice”), which provides relief for Opportunity Fund investors from certain deadlines and testing requirements. The relief provided by the Notice extends prior relief granted by the IRS in 2020 to Opportunity Fund investors and is a response to the ongoing COVID-19 pandemic. Extension of 180-Day Investment Requirement Under section 1400Z-2(a)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), taxpayers seeking to take advantage of certain tax benefits under the Opportunity Zones statute must invest any eligible capital gains in a Qualified Opportunity Fund (“QOF”) (i) within 180 days of the date the capital gain is realized, or (ii) in the case of a pass-through entity, (x) within 180 days of the last day of the taxable year of the pass-through entity’s taxable year or (y) within 180 days of ....