Morris, Manning & Martin Launches Opportunity Zone Group, Analyzes IRS Guidance
Morris, Manning & Martin LLP has launched a new opportunity zone practice group to help clients navigate the ins and outs of the new economic development program.
Morris, Manning & Martin LLP, a leading securities law firm based in Atlanta, has launched a new opportunity zone practice group to help clients navigate the ins and outs of the new economic development program. The firm also compiled an analysis of recently-released Treasury and Internal Revenue Service guidance on the program.
Qualified opportunity zones are low-income communities that the government approved as needing economic revitalization through new capital investment. Taxpayers who sell investments, such as property or stocks, that generate capital gains are eligible for tax savings by reinvesting those gains in a opportunity zone fund.
“The guidance is out, and the floodgates are now open for deals,” said the group’s co-chair Matt Peurach. “The new group will help fund sponsors, developers and investors navigate the new opportunity zone rules and regulations in order to properly form and structure their QO funds to take advantage of the new program.”
This week Morris, Manning & Martin generated an analysis of recently-released Treasury and IRS guidance on the program. While the guidance itself is publicly available, the law firm explains the finer points in a question and answer format.
“We went through the IRS guidance point-by-point to help people understand what the guidance means and how it could affect their tax strategies,” co-chair Tim Pollock said. “Investors, developers and fund sponsors can now execute on opportunities they’ve been eyeing for several months.”
Their analysis includes the types of gains that can be deferred, the taxpayers eligible to invest in the funds, timing issues, action items, potential penalties, and more.
All 50 states, five territories, and the District of Columbia now have approved zones, which now total 8,768.
Morris, Manning & Martin has more than 20 tax, real estate, finance and corporate attorneys focused on helping clients receive tax benefits in exchange for investing in low-income areas. The firm has counseled fund sponsors, developers and investors on roughly $350 million in pending fund-related matters.
