Do I have to live in an Opportunity Zone? What are the requirements and is there a certain time of year that it better to make the transition due to taxes?
For a business to qualify as QOZB, it must comply with several requirements: 1. 70% or more of tangible assets must be QOZBP; 2. 50% of gross income must be derived in an OZ; 3. Not more than 5% of assets held in non qualifying financial assets; 4. 40% of intangible use in a OZ; 5 Not a sin business. The business must be a QOZB when it receives the contributions from a QOZ and these tests are done once or twice a year. The owner of the business is not required to live in the OZ.
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