OZ for Funds, Part 4: Meeting the Tests for a Qualified Opportunity Zone Business ("QOZB")
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OZ for Funds, Part 4: Meeting the Tests for a Qualified Opportunity Zone Business ("QOZB")
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About this listen
Join Michael Elliot, Tax Director, and Russ Nash, former Tax Senior Manager, for a deep dive on the five basic tests required for a business to qualify as a QOZB:
- A trade or business for which substantially all (70 percent) of its tangible property (owned or leased) is QOZB property
- At least 50 percent of the business’s total gross income must be derived from the active conduct of a business in the QOZ
- A substantial portion (40 percent) of the business’s intangible property is used in the active conduct of the QOZB
- Non-qualified financial property must be less than 5 percent of the average of the aggregate unadjusted basis of the business’s property
- “Sin” businesses are prohibited
Listen to the other podcasts in our OZ Fund Series:
- Part 1 – Opportunity Zone Overview
- Part 2 – Opportunity Zone Impact on Real Estate
- Part 3 – Operating a Qualified Opportunity Zone Business ("QOZB")
- Part 5 – Optimizing Alternative Capital Sources
- Part 6 – Panel Discussion: Opportunities & Pitfalls in Your Opportunity Zone ("OZ") Structuring
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