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Sohodojo Advisory Board Member
Jim Schneider
The Taxman86 Speaks...
26 May 2000
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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.

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