SPECIAL EDITION - News from Washington on Distressed Community Legislation
The Taxman86 has been busy in Washington, D.C. and will back in San Diego tonight with a Newsletter covering the Distressed Communities Legislation agreed to by the President and the House Leadership on Monday Night.
As agreed, and effective when the Distressed Communites Legislation [the "Legislation"] is signed into law, IRC Section 1045 will apply to all capital gains realized on the sale of a Enterpise Zone Business ["EZB"] in all 126 Empowerment and Enterprise Communities [The Whitehouse Press Release indicated that this result only applied to Empowerment Zones but the actual language will include Enterprise Communities]. As such any EZB, as defined under IRC Section 1397B, as of the signing of the Legislation will be allowed a 60 day roll over period for reinvestment purposes into another EZB.
Let the games begin!
Jim Schneider, LL.M.
The Taxman86 Speaks... is copyright 1998-2010 by James E. Schneider, LL.M. Inc.