IRS Form: Draft Qualified Opportunity Fund Form, Instructions (IRC §1400Z-2)

Draft Form 8996, Qualified Opportunity Fund, and instructions released November 2 to reflect penalty relief and voluntary decertification. For certain taxpayers who do not meet the 90% investment standard for qualified opportunity funds, the penalty may be waived, the draft instructions state. Taxpayers who voluntarily elect to decertify as a QOF must check the box and list the date of election on line 6 of Form 8996. The election to decertify becomes effective on the first day of the month after the month in which the QOF elects to decertify as a QOF, the instructions note. [Draft IRS Form ...