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Tax Attorney

Marko Belej

Southfield, Michigan

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About Marko Belej

Marko J. Belej is partner at Taft. Prior to that, he was the tax partner and tax associate at Jaffe Raitt Heuer & Weiss, P.C., headquartered in Southfield, Michigan. Jaffe joined Taft as of 2023.

Specializing in corporate-, real estate- and tax-related matters, Belej advises his clients on individual, partnership, corporation and international tax issues. He helps clients structure transactions and minimize tax liabilities in domestic and international mergers and acquisitions, recapitalizations, debts and equity offerings. He advises on business entity formations and evaluates every aspect of a transaction to reduce risks and achieve investment goals for clients.

Belej gives consultancy to real estate developers and investors on various aspects of the United States tax law, including the Opportunity Zone program, employee equity compensation, original issue discount, and installment sales and rules.

Belej holds a Juris Doctor from the University of Michigan Law School and was the winner of the Richard Katcher Senior Tax Prize. He has a bachelor’s degree in economics with a concentration on finance from the University of Pennsylvania.

Belej is authorized to practice law in Michigan and New York. He is the associate editor at Michigan Journal of International Law.

Belej speaks Czech fluently.

Company

Taft

Address

27777 Franklin Rd., Suite 2500, Southfield

TOTAL ANSWERS

162

Answers to Opportunity Zones

162 Questions Answered

What happens if I give my qualifying investment in a QOF to my revocable grantor trust?

3 Members Answered

What is the definition of a “start-up” business when it comes to Opportunity Zones?

3 Members Answered

What are the criteria for tangible property to be counted as QOZ business property?

1 Members Answered

How can I combine Qualified Small Business Stock with Opportunity Zones?

2 Members Answered

How can I combine the OZ tax incentive with Qualified Small Business Stock?

2 Members Answered

What happens if a Qualified Opportunity Fund invests into a Qualified Opportunity Zone Business that fails to qualify as a QOZB at the end of the year?

3 Members Answered

When does my 180-day investment period start for my capital gains dividends from a REIT?

1 Members Answered

How do I need to structure my LLC for it be qualified as a Qualified Opportunity Fund?

2 Members Answered

What types of businesses do not qualify for QOF investment even if they are located in an Opportunity Zone?

1 Members Answered

What are my options when it comes to deferring capital gains invested in a Qualified Opportunity Fund?

2 Members Answered

What benefits will I have if I take a two-tiered approach and create a Qualified Opportunity Fund and a Qualified Opportunity Zone Business as a structure compared to solely having a QOF?

2 Members Answered

How can I use my capital loss carryover to pay deferred capital gains tax?

4 Members Answered

What happens If the reinvestment of the proceeds is delayed because I have to wait for government actions?

3 Members Answered

How are the proceeds from the sale of a property by a QOF treated when it comes to the 90% asset test?

3 Members Answered

How can a QOF reinvest gain and still be excluded from paying taxes on those funds?

2 Members Answered

How can investors make a basis step-up election and exclude the gain on the sale of an interest in a Qualified Opportunity Fund after a QOZ loses its designation?

1 Members Answered

Can I transfer my Opportunity Zone investment from one fund to another?

3 Members Answered

What happens if I invest in an Opportunity Zone after December this year?

5 Members Answered

What happens if there is a donation of QOF interest to charity?

3 Members Answered

How can my triple-net-lease be considered an active conduct of a trade or business?

4 Members Answered

How can I create a QOF to purchase new single family constructions in an Opportunity Zone?

3 Members Answered

What’s the process for a married couple who earns capital gains, can one of the spouses invest the whole gain separately or do they need to invest in a QOF together?

2 Members Answered

I just learned that my company is located in an OZ. What can I do to take advantage of this?

3 Members Answered

What counts as an inclusion event in my QOF?

3 Members Answered

What is defined as “substantial improvement” of a business property in an Opportunity Zone?

2 Members Answered

How is it possible to launch a fund and start the capital raise and then at a later stage elect to make it a Qualified Opportunity Fund?

2 Members Answered

What’s the benefit of investing in a Qualified Opportunity Fund compared to a 1031 exchange?

3 Members Answered

How can I combine an ETF with the Opportunity Zone tax incentive?

2 Members Answered

What impact would a capital gains tax increase by the Biden administration have on the Opportunity Zone marketplace?

2 Members Answered

What happens with my QOF if the introduced Growth and Opportunity Act (H.R. 4608) to extend opportunity zones past their current expiration of 2026 become law?

2 Members Answered

What does the amended Final Regulations say about decertification of a Qualified Opportunity Fund?

1 Members Answered

What happens if tangible property is acquired with covered working capital under the new Final Regulations for Opportunity Zones?

2 Members Answered

What happens if a Qualified Opportunity Fund fails the 90% requirement?

3 Members Answered

When is the first 90% test reporting deadline for a Qualified Opportunity Fund?

3 Members Answered

How can I combine cryptocurrency mining while taking advantage of the Opportunity Zone tax incentive?

4 Members Answered

Do secondary purchases of QOF interests count as eligible interest for deferral?

6 Members Answered

What are the QOZB ownership consequences with a two-member LLC?

1 Members Answered

How much time do I have to make substantial improvements to my OZ property after purchase?

2 Members Answered

How can you get a cash-out refinance on a property you buy in cash in an Opportunity Zone?

2 Members Answered

What does the extended relief in Notice 2021-10 mean when it comes to the 90% test and reasonable cause relief?

2 Members Answered

Do secondary purchases of QOF interests count as eligible interest for deferral?

6 Members Answered

Which type of gain is deferred first: section1231 gain or unrecaptured section 1250 gain?

3 Members Answered

What happens if I can’t reinvest my deferred gains within 180 days in a Qualified Opportunity Fund?

3 Members Answered

How can I buy a single family home in an Opportunity Zone and use it as a rental home business?

2 Members Answered

What happens if a developer purchases land before establishing a QOF or QOZB?

5 Members Answered

How can I set up my Opportunity Zone fund to allows investors to choose between different OZ projects?

2 Members Answered

How can I use Section 1202 to allow investors to realize additional tax incentives in operating businesses in Opportunity Zones?

2 Members Answered

Now when New York has legalized the use of recreational marijuana, how will that impact my Opportunity Zone investments in the cannabis area?

2 Members Answered

How can I decline a tax deferral but still get step up in basis on new gain?

4 Members Answered

What happens with my gains if I terminate my Qualified Opportunity Fund?

2 Members Answered

How do I report an inclusion event for my QOF on my taxes?

3 Members Answered

What types of businesses can qualify for inclusion in a Qualified Opportunity Fund?

2 Members Answered

How long do I as a taxpayer have to invest capital gains in a Qualified Opportunity Zone?

1 Members Answered

How can my nonprofit benefit from the Opportunity Zone tax incentive?

2 Members Answered

What is the criteria for getting a property “substantially improved” in an Opportunity Zone?

2 Members Answered

How can I get the Opportunity Zone benefits for the property I bought in California?

3 Members Answered

How much capital gain can be deferred in a Qualified Opportunity Fund?

6 Members Answered

If my sales proceeds will be paid out in installments, how can I reinvest my capital gains in a QOF?

5 Members Answered

How should I value a lease in an Opportunity Zone for the purpose of the 70% test?

3 Members Answered

Is it possible to sell QOF member interest in a QOZB to new QOF members?

3 Members Answered

How can I as a real estate developer accept payments in crypto currency for my QOF?

2 Members Answered

How can foreign investors benefit from the opportunity zone incentive?

2 Members Answered

What happens if I invest into a QOF that invests into a QOZB that fails to qualify as a QOZB?

3 Members Answered

When a partnership sells assets generating capital gains but does not make an election to defer the eligible gain, what options do the partners have when to start the 180-day investment period?

1 Members Answered

How have the OZ tax benefits and deadlines changed due to the pandemic?

3 Members Answered

What is considered a reasonable reinvestment period for a Qualified Opportunity Fund?

2 Members Answered

How can I use leveraged distributions from a Qualified Opportunity Fund to pay deferred tax liability?

3 Members Answered

How would more reporting requirements for QOFs benefit the Opportunity Zone industry?

2 Members Answered

Is it possible to sell QOF member interest in a QOZB to new QOF members?

3 Members Answered

What happens if a QOF has gains income, would it be liable for tax on that income?

2 Members Answered

When can we expect another round of clarification of the Opportunity Zone regulations?

3 Members Answered

What kind of Opportunity Zone transactions may trigger the inclusion of deferred gains and sales?

3 Members Answered

What are the compliance rules for OZ entities that hold crypto investments?

2 Members Answered

How can I combine cryptocurrency with my Opportunity Zone investment?

1 Members Answered

What are the guidelines for “substantially improve” land in an Opportunity Zone?

3 Members Answered

How can I do fund-to-fund investments between QOFs so that smaller investments can be pooled and diversified?

1 Members Answered

How can I take advantage of the OZ initiative if I invest in a hotel to convert it into multifamily housing?

3 Members Answered

How does secondary sales work for a partner who needs to divest before the end of the 10-year holding period?

3 Members Answered

How can I take out commercial lending for the acquisition of a property for my QOF?

3 Members Answered

What kind of evidence do I need to show to receive an extension for the Working Capital Safe Harbor from 31 to 55 months?

2 Members Answered

How can I use money earned from crypto currency to invest in a QOF to defer paying taxes?

3 Members Answered

What’s the criteria for a vacant property with a building to be considered original use property in an Opportunity Zone?

2 Members Answered

How can I buy a franchise and make that into a Qualified Opportunity Zone Business?

2 Members Answered

What happens if I need to move my Qualified Opportunity Zone Business to a different area not in an Opportunity Zone?

2 Members Answered

If I buy the air rights of the adjoining Opportunity Zone, can my development benefit from the OZ tax incentive?

1 Members Answered

Can a married same sex couple own a QOZB and get the tax advantages?

1 Members Answered

What is the date used to calculate the 180-day window for reinvesting capital gains?

2 Members Answered

Is there any effort to extend the Opportunity Zone program beyond 2026 so investors could get the full 15 % tax deferral?

3 Members Answered

Why can’t I invest non-capital gains into an opportunity zone?

4 Members Answered

How can mobile tangible property qualify as QOZ business property?

2 Members Answered

If I give my Opportunity Zone investment to my child before the deferral period has ended, what do I need to do?

2 Members Answered

How can I defer taxes by investing my capital gain into a QOF property that I create?

2 Members Answered

How can take advantage of Opportunity Zones while investing in the growing trend of urban e-grocery startups and mini-fulfillment centers?

3 Members Answered

How can a partnership become a Qualified Opportunity Fund?

3 Members Answered

How will Biden’s proposed tax plan impact Opportunity Zone investors?

2 Members Answered

What is the role of the fund manager in a Qualified Opportunity Fund?

2 Members Answered

How can I build a facility in the co-working sector by creating a QOF to get investments?

2 Members Answered

How can I transfer my limited liability company to become a Qualified Opportunity Fund?

3 Members Answered

How can governors create new Opportunity Zones in their state if new areas become distressed?

3 Members Answered

What are the main differences between REITs and QOFs?

3 Members Answered

How can I use my qualified dividends for Opportunity Zone investing?

2 Members Answered

What happens if an Opportunity Zone investor misses the Dec. 31 deadline to invest?

3 Members Answered

How can my machinery count as qualifying assets in my QOF if they are not located in the Opportunity Zone?

4 Members Answered

What should taxpayers do who sell property this year but may not get the transaction closed by year end?

2 Members Answered

How can I create a Qualified Opportunity Fund and give as an investment holiday gift to my grandchild?

3 Members Answered

How can I transfer non-cash property as an investment to a QOF?

4 Members Answered

How can I find out what census tract number a specific address have so I can see if its in an Opportunity Zone?

3 Members Answered

How do we perform a due diligence process for Qualified Opportunity Funds?

3 Members Answered

How can I create a joint venture as a QOF for my project?

3 Members Answered

Does a Qualified Opportunity Zone Business need to have an address and employees in a QOZ?

3 Members Answered

How is debt financing done in Opportunity Zones?

4 Members Answered

How does gains and losses work in Opportunity Zones?

2 Members Answered

How can I allow crypto investors in my Qualified Opportunity Fund?

2 Members Answered

How can I use REITS on the QOZB level?

2 Members Answered

Can I buy a property in an Opportunity Zone with my 1031 and only get the tax benefit of the 1031 exchange?

3 Members Answered

With the FY 2022 national median income set at $90,000, will the Opportunity Zone locations be impacted?

5 Members Answered

How can I create a Qualified Opportunity Fund to benefit when rebuilding my single family property in an Opportunity Zone?

3 Members Answered

What happens if a QOF fails and there is no reasonable cause?

3 Members Answered

What is the best structure to create a boutique hotel project in an Opportunity Zone?

3 Members Answered

How can I invest in a Qualified Opportunity Fund using my capital gains from cryptocurrency?

5 Members Answered

What is the deal with reinvested capital gains in an Opportunity Zone, is it double taxed?

4 Members Answered

Since two of the four Opportunity Zone tax incentives have expired, is there any movement on extending the 2026 deadline to keep the zones going?

4 Members Answered

How does the gain exclusion on appreciation in Opportunity Zones work?

4 Members Answered

How do I set up my LLC as a Qualified Opportunity Fund?

4 Members Answered

How do Opportunity Zone funds pay dividends to their investors?

2 Members Answered

Is there a minimum or maximum investment amount for Opportunity Zone investments?

2 Members Answered

What does it mean for Opportunity Zone investors and QOFs in New York after the state’s senate voted to end the program?

2 Members Answered

What are the rules for designating a nearby parcel as Opportunity Zone?

2 Members Answered

How should I best evaluate a medical office building development in an Opportunity Zone?

2 Members Answered

How can I start a charity in an Opportunity Zone and benefit from the tax incentive?

2 Members Answered

What happens with my existing Opportunity Zone investments if the Transparency, Extension and Improvement Act passes to extend the incentive through 2028?

2 Members Answered

Must an OZ Fund invest in an existing business located in an Opportunity Zone or can the QOF create a new business that it owns 100%?

2 Members Answered

How can I best combine investing in boutique hotels and Opportunity Zones?

2 Members Answered

How can I convert an existing business into a QOZB?

2 Members Answered

How can I defer my 1231 gain for a taxable year under Qualified Opportunity Fund rules?

1 Members Answered

What types of gains are eligible for deferral if I invest in a Qualified Opportunity Fund?

3 Members Answered

What happens if I sell my Opportunity Zone project before 10 years?

3 Members Answered

How does a corporation or partnership become certified as a Qualified Opportunity Fund?

2 Members Answered

Is it better to structure an Opportunity Zone Fund as an LLC or a REIT?

3 Members Answered

How can my limited liability company (LLC) be a Qualified Opportunity Fund?

1 Members Answered

Do Opportunity Zone businesses need to conduct most of their business within Opportunity Zone tracts, or will it be sufficient if the majority of the business’ assets are located in Opportunity Zone tracts (property, equipment, etc.)?

2 Members Answered

What happens if a business located in an OZ moves?

2 Members Answered

How can a Qualified Opportunity Fund make investments in multiple Opportunity Zone projects?

2 Members Answered

How does the Opportunity Zone program work with short-term capital gains?

3 Members Answered

How can I as an OZ investor report on my taxes that I have invested in different OZ projects?

4 Members Answered

How can an investor invest directly into an Opportunity Zone business to qualify for associated tax incentives?

6 Members Answered

How will the high interest rate impact Opportunity Zone investing?

2 Members Answered

What happens with my OZ investments if the program sunsets on Dec. 31, 2026?

3 Members Answered

What is the intangible test for an operating business in an Opportunity Zone?

2 Members Answered

How can I set up my own qualified opportunity fund to allocate my capital gain?

2 Members Answered

How can I sell my Qualified Opportunity Fund and keep the Opportunity Zone incentive active without any lapse for my investors?

2 Members Answered

How is depreciation treated before refinancing in an OZ real estate investment?

2 Members Answered

How can California be a top state for Opportunity Zone investment if it’s a non-conforming state to the OZ incentive?

4 Members Answered

How can I save on my taxes by investing in an Opportunity Zone in Puerto Rico?

2 Members Answered

What is the scope of New York’s decoupling from the OZ program?

2 Members Answered

How can I create a Qualified Opportunity Fund for my development if I am located in a state that doesn’t conform to the OZ program?

3 Members Answered

How do I best structure a QOF if I want to include both commercial development and business ventures?

2 Members Answered

How can our economic development agency attract more Opportunity Zone capital to our rural community?

2 Members Answered

How can I find good Opportunity Zone projects in the co-working sector?

1 Members Answered

What constitute a resale of a security in a Qualified Opportunity Zone Business?

1 Members Answered

How can my Qualified Opportunity Fund benefit from the Inflation Reduction Act, which contains two major tax incentives for commercial landlords?

1 Members Answered

How does Opportunity Zone investing work in a non-conforming state?

2 Members Answered

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