The definition of 'Opportunity Zones' is still unclear one year after they have been part of the U.S. tax code. Many cities have established opportunity zones as a way to make certain jurisdictions more attractive to investors, which would in turn benefit the residents of those areas.

However, it is unclear what the effects would be if an investment fund sold off one of its assets in an opportunity zone, but kept the others. Most of the time, a fund is created and run by a single investor, but if a fund is more complicated than that, there are gray areas in the tax code. The least defined part of the law surrounds investing in businesses located in opportunity zones, not just property. Because of this, some investors are uneasy about taking other people's money until more clarity about the rules is gained.

Many tax and real estate attorneys, including Ballard Spahr Tax Credits Team Leader Molly Bryson, state that "the capital gains tax breaks offered by opportunity zones are not enough to make a bad deal into a good one", but they do acknowledge that opportunity zones "can make a material difference." Ms. Bryson also adds that with the help of "local or state incentive programs" she believes that investments or developments "that would otherwise fall just short of penciling could be taken over the line."

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