New unrelated entity has to purchase or the current landowner can ground lease the site to a QOF that develops (even if parties are related).
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Can vacant land purchased in an Opportunity Zone in May of 2017 qualify?
Can vacant land bought 7 months before the law went into effect still qualify with the existing purchasing LLC? Or does a new unrelated LLC have to purchase the land in order to qualify for an Opportunity Zone Fund?
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No, must be purchased after 2017. Yes, an unrelated (less than 20% common ownership) entity could purchase the land, or a related party could lease it.
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