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Extension of Empowerment Zone Designation

 

Thông báo: Nội dung lịch sử

Đây là một tài liệu lưu trữ hoặc lịch sử và có thể không phản ánh luật pháp, chính sách hoặc thủ tục hiện hành.

If a corporation sold a qualified empowerment zone asset held for more than 1 year, the corporation may be able to elect to postpone part or all of the gain that it would otherwise include in income. The corporation must purchase the replacement qualified empowerment zone asset during the required 60-day period beginning on the date of the sale. The designation of empowerment zones was originally set to expire December 31, 2020. However, the Taxpayer Certainty and Disaster Tax Relief Act of 2020, extended the empowerment zones designation. As a result, the wording “before January 1, 2021,” included in the instructions for rollover of gain from empowerment zone assets is no longer applicable. For more information, see Pub. 544, Sales and Other Dispositions of Assets.