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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.
by 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.