How can used tangible property acquired by purchase by the QOZB satisfy the original use requirement?
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.
If it is new.
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.
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