So, on a day I sent a mass email out to clients regarding the CARES Act, and have subsequently not touched a tax return all day, instead fielding questions, I had a mean-spirited client ask me about a potential build of his office in an Opportunity Zone.
2 Questions - I assume there's no REQUIREMENT to use realized capital gains to invest in an oppotunity zone right? He can still get the 10 year tax free benefit on the actual investment, right?
And he has a developer who can purchase the land and do a build to suit on it or he can buy the land and have the builder build on his land.
Does my client have to buy the land before the build or does it matter if he buys it under contract from the builder who purchased the land?