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B-331757 1 (2020-01-27)

handle is hein.gao/gaobaeapl0001 and id is 1 raw text is: GAOU.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-331757 January 27, 2020 The Honorable Chuck Grassley Chairman The Honorable Ron Wyden Ranking Member Committee on Finance United States Senate The Honorable Richard Neal Chairman The Honorable Kevin Brady Ranking Member Committee on Ways and Means House of Representatives Subject: Department of the Treasury, Internal Revenue Service: Investing in Qualified Opportunity Funds Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of the Treasury, Internal Revenue Service (IRS) entitled Investing in Qualified Opportunity Funds (RIN: 1545-BP04). We received the rule on January 3, 2020. It was published in the Federal Register as a final regulation on January 13, 2020. 85 Fed. Reg. 1866. The effective date of the rule is March 13, 2020. The final rule governs the extent to which taxpayers may elect the federal income tax benefits provided by section 1400Z-2 of the Internal Revenue Code with respect to certain equity interests in a qualified opportunity fund (QOF). The rule provides additional guidance for taxpayers eligible to elect to temporarily defer the inclusion in gross income of certain gains if corresponding amounts are invested in certain equity interests in QOFs, as well as guidance on the ability of such taxpayers to exclude from gross income additional gain recognized after holding those equity interests for at least 10 years. The rule also addresses various requirements that must be met for an entity to qualify as a QOF, including requirements that must be met for an entity to qualify as a qualified opportunity zone business. The rule affects entities that self-certify as QOFs

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