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IRS Notice 2020-39 Extends Deadlines, Provides Guidance on Opportunity Zone Investment in Response to COVID-19

Published on June 4, 2020
IRS Notice 2020-39 Extends Deadlines, Provides Guidance on Opportunity Zone Investment in Response to COVID-19

In response to the COVID-19 pandemic, IRS Notice 2020-39 extends the deadline to invest in a Qualified Opportunity Fund until December 31, 2020, for all taxpayers if the 180th day after a capital gain is recognized between April 1, 2020, and December 31, 2020. This notice also provides guidance on the 30-month substantial improvement test, the working capital safe harbor, the 12-month reinvestment period for Opportunity Funds, and other program requirements.