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How can used tangible property acquired by purchase by the QOZB satisfy the original use requirement?

How can used tangible property acquired by purchase by the QOZB satisfy the original use requirement?


Answers
  • Brad Cohen
    June 18, 2020

    If it is new.

  • Maria De Los Angeles Rivera
    June 17, 2020

    If the property is not of original use, the substantial improvement must be done within a 30-month period. Substantial improvement is at least the same amount as the adjusted basis of the property.

  • Matthew Rappaport
    June 15, 2020

    Original use is interpreted as "original use within the OZ," so if used property was deployed outside the OZ, it can qualify. The taxpayer (the QOZB) just needs to be the first one to deploy the property IN THE ZONE ITSELF, and the property will qualify as originally used.

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