Valerie Grunduski

Contact This Professional

By checking this box, I agree to the Terms and Conditions.

Receive updates from us

CPA

Detroit, MI

About Valerie Grunduski

Valerie Grunduski is tax partner at Plante & Moran in Detroit. She is a real estate tax specialist with more than 15 years of experience and leads Plante & Moran’s Opportunity Zones practice, providing consulting services for funds, developers and investors. She has experience working with multi-entity tax engagements, including residential and commercial property portfolios, real estate investment trusts, investment funds and family-owned real estate developers. Her tax experience includes compliance and consulting work related to real estate professionals, partnership restructuring, cancellation of debt planning, partner buy-outs and redemptions, tax credits, new markets tax credits and low-income housing tax credits.

Company

Plante & Moran, PLLC

Address

1098 Woodward Avenue , Detroit

TOTAL ANSWERS

139

Answers to Opportunity Zones

139 Questions Answered

The IRS says that 90 percent of my capital has to be deployed in an Opportunity Zone, while 70 percent of the business interest and 50 percent of the revenue need to remain in an Opportunity Zone.

5 Members Answered

Can non-capital gains funds be co-mingled with capital gains funds for an Opportunity Zone investment?

10 Members Answered

What happens with my capital gains if I invest in an Opportunity Zone in a state that hasn’t conformed to the federal rules?

4 Members Answered

How is the penalty calculated if I fail to meet the 90 percent asset test for my Qualified Opportunity Fund?

4 Members Answered

What would be the benefits of investing in a multi-zone/multi-project fund versus a single-zone/single-project fund?

7 Members Answered

What counts as a “substantial” improvement in an Opportunity Zone project?

8 Members Answered

What are the pros and cons of self-certification of a Qualified Opportunity Fund?

5 Members Answered

How can Investors secure the benefit from a QOF by purchasing from an existing OZ investor?

3 Members Answered

What happens if I don’t have enough distributable cash flow to pay my taxes in 2026?

11 Members Answered

How do we determine if the QOF meet the 90% test?

5 Members Answered

What factors do law firms base their opinion letters on in an OZ deal?

7 Members Answered

What does it mean for investors that the OZ designation was partly based on old census data?

7 Members Answered

What does the second round of regulations say about mergers of QOFs?

5 Members Answered

Can I still defer tax on capital gain I invested in a QOF since I have already filed my 2021 tax return?

4 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

How are penalties calculated if a QOF fails to meet the 90% Substantially All test?

11 Members Answered

Since the working capital safe harbor applies to QOZ businesses, why can’t a fund also be a trade or business?

16 Members Answered

Can a QOF itself invest in another QOF?

14 Members Answered

Since QOFs can self-certify, how can investors check that they are complying with the regulations?

10 Members Answered

Can any source of capital be used to invest in a QOF or is it only capital gains that are eligible for the tax advantages?

4 Members Answered

How can I elect to defer tax on a gain if I have already filed my tax return?

20 Members Answered

Could Opportunity Zones get additional reporting requirements in the future?

14 Members Answered

When it comes to assets, when can a QOZB be treated as the “original user” and the acquired assets treated as QOZBP?

3 Members Answered

How important is it to go with a fund that has a formal opinion issued in connection with their Qualified Opportunity Fund?

13 Members Answered

If a QOF buys a building that is 95% completed by the seller, is that still considered to be construction in progress?

8 Members Answered

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

3 Members Answered

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

3 Members Answered

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

3 Members Answered

What happens if I need to transfer a qualifying investment in a QOF to my wife following a divorce?

3 Members Answered

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

3 Members Answered

Why do I need to provide an organizational chart of the seller of the property, which includes all direct and indirect owners, when reviewing the 70% requirement?

7 Members Answered

Why can most QOF only accept deferred gain prior to Jan. 1, 2027?

12 Members Answered

Are there any benefits to delaying the date at which I establish a QOF?

12 Members Answered

How can a building under construction acquired by QOZB satisfy the original use requirement?

8 Members Answered

How can a lessee be deemed the “original user” of a property?

6 Members Answered

Has there been a shift in where OZ investors chose to invest their funds?

9 Members Answered

How can a vacant building satisfy the original use requirement?

6 Members Answered

Could it be an oversight that will be rectified by lawmakers that the cannabis industry was not part of the so-called "sin" businesses?

8 Members Answered

As Covid-19 has changed the way our workforce operates to working remotely, how can this be incorporated in Qualified Opportunity Zone businesses?

3 Members Answered

After having invested in a QOF, what happens with distributions from the project in the opportunity zone?

4 Members Answered

What happens if an entity fails to meet the requirements as an QOZB?

7 Members Answered

When is tangible property considered to be OZBP?

3 Members Answered

What do I need to do to get my inventory to qualify as Qualified Opportunity Zone Business property?

1 Members Answered

How do the final regulations provide more flexibility regarding the substantial improvement requirement?

4 Members Answered

What changed in the final regulations to make OZs more beneficial for the hospitality industry?

5 Members Answered

How can I get around the blackout period when the eligible gain occurs early in a taxable year?

4 Members Answered

How can gains from the sale of cryptocurrency be deferred under QOZ rules?

6 Members Answered

Why should I be careful with my QOF when investing into nonqualified financial property?

3 Members Answered

What if my QOZB is located in an OZ but my independent contractors spread across the country?

4 Members Answered

How can a county set up a QOF to attract investment in infrastructure or housing development?

6 Members Answered

What happens with the OZ deadlines now when the tax filing deadlines have been moved to July due to the coronavirus crises?

6 Members Answered

When is the “substantial improvement” test for non-original use property not done on an asset-by-asset basis?

4 Members Answered

How can leased property be qualified property when leased from a related party?

3 Members Answered

How can I directly invest into an QOZB to qualify for tax incentives?

3 Members Answered

What happens if my LLC is not able to dispose my capital asset to make a cash investment in a QOF within 180 days?

8 Members Answered

How can I take advantage of the Opportunity Zone program and defer the tax on my gain if I have already filed my federal taxes this year?

2 Members Answered

Can I sell my QOF and what should I think about?

4 Members Answered

How can cities leverage OZs for community development?

4 Members Answered

What happens if I formed my QOF prior to June 30 but haven’t invested at least 90% into a QOZBP?

7 Members Answered

Why do I need a qualified intermediary for a Section 1031 transaction but not to place an investment in an QOF?

7 Members Answered

What happens if I don’t report an Opportunity Zone investment on my taxes?

3 Members Answered

What is involved in the process of creating an OZ fund and how long does it take?

5 Members Answered

What needs to be written into a purchase agreement when selling a property where the gains may be rolled into a QOF?

6 Members Answered

What are my risks with investing in a QOF?

5 Members Answered

Are distributions in a OZ project tax-exempt?

5 Members Answered

How can cities encourage investments in census tracks that have suffered long periods of disinvestment?

4 Members Answered

How could the presidential election outcome affect tax incentives?

3 Members Answered

How can a QOF invest in multiple Opportunity Zones?

3 Members Answered

Why doesn’t a 0% tax rate on capital gain dividends have the same effect as excluding the gain from gross income when it comes to a QOF REIT?

1 Members Answered

What constitutes original use and substantial improvement when it comes to QOZP?

2 Members Answered

What are the rules regarding my vacant structure in an OZ and original use?

2 Members Answered

After the 10-year holding period, what happens if all investors want to exit at the same time?

5 Members Answered

How can a QOF reinvest proceeds from the sale of property and defer the taxable gain?

3 Members Answered

How can I elect to defer tax on gain after I have already filed my 2019 tax return?

5 Members Answered

How can I retroactively defer declared capital gains and invest in a QOF after I filed my taxes?

6 Members Answered

Do partnership tax rules apply in an QOZF?

5 Members Answered

Can an OZF sell assets?

4 Members Answered

How can I make an investment directly into an QOZB?

3 Members Answered

How do I ensure that a QOF is complying with the regulations so that I get the tax benefits?

6 Members Answered

What are some other benefits than deferral of the gain when investing in OZs?

6 Members Answered

Does the development of new condo buildings compatible with the OZ incentive?

3 Members Answered

How can I screen a fund manager for experience and competency before investing in any QOF?

6 Members Answered

How can fund sponsors raise OZ capital outside the U.S.?

4 Members Answered

Why is it more beneficial for an operating business to be owned by a QOZB rather than a QOF?

7 Members Answered

What’s included in the annual Dec. 31 testing requirements for QOF?

4 Members Answered

Why do I need to invest by Dec. 31, 2019, to get the full OZ benefit?

8 Members Answered

What happens if reinvestment of the proceeds from a sale of property by a QOF is delayed?

3 Members Answered

How can I take advantage of IRS’ tax relief for OZ funds and investors due to the coronavirus pandemic?

2 Members Answered

How can members in a partnership apply different trigger dates for an OZ’s 180-day investment window for the same gain if that gain is divided?

6 Members Answered

What happens with the 180-day period if a taxpayer receives multiple payments under an installment sale?

6 Members Answered

When does the 180-day QOF investment period start for pass-through entities owners?

7 Members Answered

How do the final OZ regulations provide RIC and REIT shareholders flexibility in timing QOF investments and capital gain dividends eligible for QOF deferral?

1 Members Answered

How can my QOF hold land for investment purposes and receive OZ benefits?

4 Members Answered

How long can I continue to hold an OZF beyond 10 years to continue to benefit from the tax-free growth of the investment?

5 Members Answered

How can a QOF sell assets?

4 Members Answered

When must an S. Corp, a partnership or beneficiaries of a trust invest the gains in a QOF or QOB?

4 Members Answered

How will IRS conduct tests to ensure that investments maintain at least 90% of their assets in an OZ?

3 Members Answered

What are the rules when it comes to section 1231 gains and the “netting” rule in OZs?

4 Members Answered

How is cash treated for the asset test at the QOF level and the tangible property test at the QOZB level?

2 Members Answered

What are the rules when it comes to section 1231 gains and the “netting” rule in OZs?

3 Members Answered

Under what circumstances can Section 1231 gains be invested in QOFs?

5 Members Answered

How did the new regs change the social impact reporting requirement?

4 Members Answered

How can I invest in a completed hotel in an OZ for best tax benefit?

8 Members Answered

How does IRS’ new June notice 2020-39 offer OZ investors relief?

4 Members Answered

How can I find out which QOFs and OZs generate the most jobs?

3 Members Answered

What is the best way for investors to start planning for investing in Opportunity Zones?

4 Members Answered

What changes or new regulations can we anticipate to the OZ program as a result of the election outcome?

4 Members Answered

What does it mean for OZ investors that four more states legalized recreational marijuana in the election?

2 Members Answered

How is the term ‘substantially all’ defined when it comes to a QOZB’s tangible property and how it is used in an OZ?

4 Members Answered

How can investors receive OZ benefits when a QOF sells its underlying assets?

4 Members Answered

How can two QOFs partner with each other to create a large fund?

3 Members Answered

What changes might we see in New York state since its 2021 budget appears to decouple NYS and NYC from the deferral provisions of the OZ rules?

2 Members Answered

What happens with my 2021 Opportunity Zone benefits since New York’s budget included provisions to decouple New York from IRC Sec. 1400Z-2?

2 Members Answered

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

4 Members Answered

How can tangible property previously not used in an OZ qualify as original use?

5 Members Answered

What is the process for a gain recognized by a partnership?

3 Members Answered

Why is there a difference of “bad assets” between a QOZB and a QOF?

5 Members Answered

As a developer of affordable housing in California, what other tax credits in addition to the OZ tax incentive can I get if I build in an Opportunity Zone?

2 Members Answered

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

3 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 can a QOZB meet the 50% of gross income test?

5 Members Answered

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

5 Members Answered

How do I handle my gains if I am a partner in a partnership that generated capital gains?

3 Members Answered

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

6 Members Answered

What will happen to my investment in an OZ if the 2020 census changed the boundaries of the tract where my project is located?

2 Members Answered

How much of the aggregate unadjusted tax bases of the property of a QOZB can be attributable to nonqualified financial property?

4 Members Answered

How can I elect to defer tax on gain if I have already filed my 2021 tax return?

4 Members Answered

What tests must a QOZB fulfill at the end of its taxable year?

1 Members Answered

How do I satisfy the "original use" test for my Qualified Opportunity Zone Business?

3 Members Answered

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

4 Members Answered

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

6 Members Answered

What requirements have to be met to qualify for the Working Capital Safe Harbor under the final Opportunity Zone regulations?

2 Members Answered

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

3 Members Answered

Do I have to be an accredited investor to take advantage of the Opportunity Zone incentive?

3 Members Answered

How can a partnership become a Qualified Opportunity Fund?

3 Members Answered

OZ Verified

OpportunityZone.com found no public criminal record on BeenVerified.com
Active CPA License in good standing

What does it mean to be a VERIFIED member on OpportunityZone.com?

OpportunityZone.com verifies certified public accountants (“CPA”) before placing them on this website. Not all professionals pass the verification process, and we are not paid by members in any way for verified badges. The entire verification process is performed by OpportunityZone.com staff members based in Irvine, California.

We perform a general background check on the member by using BeenVerified.com’s online background check tool. Refer to the disclaimer on BeenVerified.com for details since BeenVerified.com is not a comprehensive database and can miss certain records.

If we encounter any serious criminal violations on BeenVerified.com, this disqualifies the applicant from obtaining the verified badge from OpportunityZone.com. For CPAs that practice accountancy in the united states, a staff member on our team uses best efforts to check the CPA is in good standing with the board of accountancy of the state in which they practice accountancy.

The verified badge does not mean or represent that the CPA has experience or specializes in opportunity zones. Please consult the state board of accountancy or other government-based sites for more information on a particular CPA. Also, use your own diligence to vet any professionals on our website, we don’t make any representations of the qualifications of the professionals listed.

Articles

Qualified Opportunity Funds: Compare and Contrast Direct and Indirect Investments
May 06, 2019
What are the differences between direct and indirect investments when it comes to the amount, timeframe, proposed regulations and investment strategies.
Super charge your OZ after-tax IRR with cost segregation
January 26, 2022
Why cost segregation is enhanced in Opportunity Zones and can be beneficial for QOF investors.

Contact This Professional