My husband and I own a piece of land located in an OZ. We own the property as an LLC. There is currently a mobile home park on the land, we do not own any of the mobile homes. So, my question, is the mobile home park considered a QOZB or do we simply own QOZP?
I don't think you can qualify unless you have land with no mobile homes on it that could be ground-leased to a QOZB set up under a QOF. You already own the land in the Opportunity Zone, so that would not be qualifying property and the business of running the park is already in operation. If you could land lease some vacant ground into a new structure, you might be able to set up a separate business in that zone, but that would be better operated by an unrelated party to qualify.
QOZP or QOZBP must have been acquired by a QOF or QOZB, rather than owned prior to the program's passage or contributed as capital. QOZBP must be used in a trade or business, so you'd have to verify whether your entity is engaged in a trade or business, which depends on a facts-and-circumstances analysis.
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