The primary way property can qualify as QOZP in a QOF is: the property must be acquired by purchase after Dec. 31, 2017, from an unrelated party; the original use of which commenced with the QOF or the QOF substantially improved the property (by doubling the property's basis within any 30-month period after acquisition); substantially all of the use of such property is in an Opportunity Zone during substantially all of the QOF's holding period.
Lots of testing. Although the program is very user friendly.
QOZP comes in only three varieties: QOZ stock, QOZ partnership interests and QOZ business property. Each of these has a long set of other requirements, but generally speaking, QOZ investments can only come in the form of operating business equity or tangible property (including real property).
There is no simple answer to this question. You need to engage qualified legal counsel.
If a property is in a Qualified Opportunity Zone it is qualified by default. There are plenty of maps to determine by address if your property is indeed in a QOZ. Even if it is only partially in a QOZ it may still qualify if the majority of the property falls within the QOZ boundary.
There are a lot of rules pertaining to QOF business property. I would suggest you read the first two sets of guidance (released in October 2018 and April 2019) and reviews thereof. You'll find a lot of helpful materials on the Arizona Commerce Authority's OZ Resources page.
QOZP is defined as one of the following: stock in a corporation that is a Qualified Opportunity Zone business, interest in a partnership that is a Qualified Opportunity Zone Business or Qualified Opportunity Zone Business Property. The law and regulations provide the different tests to be a QOZB and QOZBP.
As long as it isn’t a sin business you can qualify.
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