June 14, 2019
The San Francisco Chronicle quoted Tax Principal Michael D’Addio in an article about investing in tax-advantaged opportunity zone funds.
San Francisco Chronicle
By Kathleen Pender
Excerpt:
The fund itself must meet complicated rules and deadlines for investing the money. “These rules are nuts, they’re crazy,” said Michael D’Addio, a principal with the accounting firm Marcum… If the fund buys empty land, “there is no requirement to improve it,” D’Addio said. However, it must be used in a trade or business. It can’t be held purely for investment, but it’s unclear how much development is required.
