I have a trucking co that wants to operate in an opportunity zone through an opportunity fund. I am worried about using the assets outside the opportunity zone and the 70% rule. Is there some exception for mobile companies? Thanks
You haven’t provided enough information for me to provide an answer to your question, but I can point you to Treasury Regulation section 1.1400Z2(d)-2(d)(4), which discusses the use of property within an opportunity zone.
Specifically, Treasury Regulation section 1.1400Z2(d)-2(d)(4)(iii) provides a safe harbor for tangible property utilized in rendering services inside and outside of a qualified opportunity zone. You will have to go through the requirements in this regulation to determine if the use of the trucking assets qualifies as use within the opportunity zone.