IRS Releases Draft of Form 8996 for Qualified Opportunity Funds

Thursday, October 31, 2019 - 12:15pm

The Internal Revenue Service today released a draft form of Form 8996, which is used by qualified opportunity funds (QOFs). Changes to the four-page form for 2019 include a requirement that the QOF describe the trade or business for both direct and indirect investments into qualified opportunity zones property and requires the QOF to disclose whether any investors disposed of their QOF investment and attach a statement listing the investor’s name, date of disposal and the interest transferred.