Basically land that is not effectively connected to qualified tangible property is not qualified property. If a real estate parcel is acquired and part of the land is separate from the building or other improved asset, that land would be excluded. An example would be land that is separated by a highway. There is no access to this land and that land does not provide additional utility to building or other asset. Converting land to a parking lot or storage site for an OZ business or asset would qualify the land. The detached land must provide some economic benefit for the qualified asset or Opportunity Zone business.
