Tax Notebook Blog

Gray Line

Visit the Boutin Jones Tax Notebook to learn about the latest developments and rulings in California and federal tax law.

Opportunity Zone Basis Step-Up

Monthly Tax Law Tip

When you invest capital gain into a Qualified Opportunity Fund, to take advantage of the gain deferral provided by the Opportunity Zone provisions, your basis in the investment is zero. If you hold the investment for five years, your basis is increased by 10% of the amount of your investment. In order to take advantage of this basis step-up, you need to make your Opportunity Zone investment no later than December 31, 2021.

California 1031 Exchange Scoreboard: TAXPAYERS 3 – FTB 1

In recent years, the California Franchise Tax Board (the “FTB”) has become known for auditing like-kind exchanges…

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