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Ability to rollover gain from empowerment zone assets sold in 2017

If the estate or trust sold a qualified empowerment zone asset that the estate or trust held for more than 1 year, it may be able to elect to postpone part or all of the gain that it would otherwise include in income. If the election is made, the gain on the sale generally is recognized only to the extent, if any, that the amount realized on the sale exceeds the cost of qualified empowerment zone assets (replacement property) the estate or trust purchased during the 60-day period beginning on the date of the sale.

See sections 1397B and 1397C for the definition of empowerment zone and enterprise zone business and for details regarding the rules that apply to this election.

How to report. Report the sale on Part II of Form 8949 as the estate or trust would if it weren't making the election. Enter “R” in column (f). Enter the amount of the postponed gain as a negative number in column (g). Put it in parentheses to show it is negative. See the Instructions for Form 8949, columns (f), (g), and (h). Complete all remaining columns.