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Thompson Hine LLP, a full-service business law firm with approximately 400 lawyers in 8 offices, was ranked number 1 in the category “Most innovative North American law firms: New working models” by The Financial Times and was 1 of 7 firms shortlisted for The American Lawyer’s inaugural Legal Services Innovation Award. The firm has been recognized by the National Law Journal as a Legal Technology Trailblazer and featured by Bloomberg for its innovative service delivery models, which drive accuracy and predictability. The firm’s commitment to innovation is embodied in Thompson Hine SmartPaTHTM – a smarter way to work – predictable, efficient and aligned with client goals. For more information, please visit ThompsonHine.com and ThompsonHine.com/SmartPaTH.

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The second round of proposed regulations states that Section 1231 capital gains can only be available for investment in a QOF to the extent of the 1231 net capital gain amount and that the period for investment commences on the last day of a tax year.  A recent updated IRS FAQ provides relief for certain 2018 Section 1231 capital gain.  In general, Section 1231 property is depreciable property and real property used in a business, but does not include land held for investment. <a href="https://admin.thompsonhine.com/wp-content/uploads/1135/doc/1231Gains.pdf" target="_blank" rel="noreferrer noopener">Read more.</a>

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For more information, please contact Frank Ferrante, Alexis Kim, or any member of the firm’s <a href="https://www.thompsonhine.com/services/qualified-opportunity-zones" target="_blank" rel="noreferrer noopener">Qualified Opportunity Zones group</a>.

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Francesco A. Ferrante Thompson Hine LLP Phone: 937.443.6740 Mobile: 937.470.0598 <a href="mailto:Francesco.Ferrante@ThompsonHine.com">Francesco.Ferrante@ThompsonHine.com</a>

Alexis J. Kim Thompson Hine LLP 3900 Key Center 127 Public Square Cleveland, OH 44114 Phone: 216 566-5732 Mobile: 216-385-3493 <a href="mailto:Alexis.Kim@ThompsonHine.com">Alexis.Kim@ThompsonHine.com</a>

https://admin.thompsonhine.com/wp-content/uploads/2022/04/1231Gains.pdf

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Partner

Francesco A. Ferrante

Senior Managing Associate

Alexis J. Kim

New IRS FAQ Permits Section 1231 Gains Invested in a QOF  During 2018 to Be a Qualifying Investment