4 ms·

This is gross.

• LewisVerstappen 4y ago
  Nope, this is on the net sale of the asset not gross income. In terms of gross, you need at least 50% gross income in the qualified opportunity zone.
  • TAForObvReasons 4y ago
    > The regulations provide three safe harbors that a business may use to meet this test. These safe harbors take into account any of the following: > - Whether at least half of the aggregate hours of services received by the business were performed in a QOZ; > - Whether at least half of the aggregate amounts that the business paid for services were for services performed in a QOZ; or > - Whether necessary tangible property and necessary business functions to earn the income were located in a QOZ. So "in" is flexible.
• chaostheory 4y ago
  This is an argument for either flat tax or a tax system without deductions, otherwise we will always have loopholes like this. You can’t have your cake and eat it too.
  • lotsofpulp 4y ago
    I will always advocate for a simple cash wealth transfer via UBI and increasing tax rates to whatever amounts needed to accomplish it, and remove all deductions/credits/exemptions, etc. But in the meantime, it still makes sense for me to play the game with the rules as they are.