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
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.