The new Internal Revenue Code—Sections 1400Z-1 and 1400Z-2—comprise the entire statutory provision for qualified opportunity zones (QOZ). At their core, qualified opportunity zones taxation reflects the use of the tax code to encourage certain behavior. Should your client take advantage of this opportunity?
Author: Mark R. Parthemer, Esq., AEP, is managing director and senior fiduciary counsel, southeast region, overseeing estate and legacy planning services at Bessemer Trust, an exclusive wealth management firm. He is an ACTEC Fellow; a frequent national lecturer and published author; chair, ABA Non-Tax Issues Affecting Estates and Trusts Committee; member, Florida and Pennsylvania Bars, Synergy Summit, and the Florida Bankers Association Executive Council, and chair, Trust Legislation Committee. He has been part of the University of Miami’s Heckerling faculty and is a former adjunct professor, Widener University School of Law. Mark often has been recognized as one of the Best Lawyers in America and a Florida Legal Eagle.