Fillable Form 8996: Qualified Opportunity Fund (IRS)

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Form 8996: Qualified Opportunity Fund (IRS)

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The Form 8996: Qualified Opportunity Fund (IRS) form is 4 pages long and contains:

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Form 8996
(Rev. January 2020)
Department of the Treasury
Internal Revenue Service
Qualified Opportunity Fund
▶
Go to www.irs.gov/Form8996 for the latest information.
▶
Attach to your tax return. See instructions.
OMB No. 1545-0123
Attachment
Sequence No.
996
Name Employer identification number
Part I
General Information and Certification
1 Type of taxpayer: Corporation Partnership
2
Is the taxpayer organized for the purpose of investing in qualified opportunity zone property (other than another qualified
opportunity fund)?
No. STOP. Do not file this form with your tax return.
Yes. Go to line 3.
3 Is this the first period the taxpayer is a Qualified Opportunity Fund?
Yes. By checking this box, you certify that by the end of the taxpayer’s first qualified opportunity fund year, the taxpayer’s
organizing documents include a statement of the entity’s purpose of investing in qualified opportunity zone property and a
description of the trade or business(es) that the QOF is engaged in either directly or through a qualified opportunity zone
business. See instructions.
No.
4
If you checked “Yes” on line 3, list the first month in which the fund chooses to be a Qualified Opportunity Fund
▶
5 Did any investor dispose of, in part or in whole, their equity interest in the fund?
Yes. Attach a statement with each investor’s name, the date of disposal, and the interest that they transferred during the
QOF’s tax year.
No.
Part II
Investment Standard Calculation
6
Total qualified opportunity zone property held by the taxpayer on the last day of the first 6-month
period of the taxpayer’s tax year. See instructions if Part I, line 3, is “Yes” . . . . . . . . . 6
7
Total assets held by the taxpayer on the last day of the first 6-month period of the taxpayer’s tax year.
See instructions if Part I, line 3, is “Yes” . . . . . . . . . . . . . . . . . . . . . 7
8 Divide line 6 by line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
9
Total qualified opportunity zone property held by the taxpayer on the last day of the taxpayer’s tax year
9
10 Total assets held by the taxpayer on the last day of the taxpayer’s tax year . . . . . . . . .
10
11 Divide line 9 by line 10 . . . . . . . . . . . . . . . . . . . . . . . . . .
11
Part III
Qualified Opportunity Fund Average and Penalty
12 Add lines 8 and 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
13 Divide line 12 by 2.0. See instructions if Part I, line 3, is “Yes” . . . . . . . . . . . . .
13
14 Is line 13 equal to or more than 0.90?
Yes. Enter -0- on this line and file this form with your tax return.
No. The fund has failed to maintain the investment standard. Complete Part IV to figure the penalty.
Enter the penalty from line 8 of Part IV on this line, and file this form with your tax return . . . .
14
For Paperwork Reduction Act Notice, see your tax return instructions.
Cat. No. 37820G
Form 8996 (Rev. 1-2020)
Form 8996 (Rev. 1-2020)
Page 2
Part IV Line 14 Penalty
If you checked “No” in Part III, line 14, complete Part IV to figure the penalty. Enter the number from line 8 below on Part III, line 14. See instructions if Part I, line 3, is “Yes.”
(a)
Month 1
(b)
Month 2
(c)
Month 3
(d)
Month 4
(e)
Month 5
1 Total assets on the last day of the month .
2 Multiply line 1 by 0.90 . . . . . . . .
3
Total qualified opportunity zone property on
the last day of the month . . . . . . .
4
Subtract line 3 from line 2. If less than zero,
enter -0- . . . . . . . . . . . .
5 Underpayment rate . . . . . . . .
6 Multiply line 4 by line 5 . . . . . . .
7
Divide line 6 by 12.0. Round up to two
decimal places. See instructions if Part I, line
3, is “Yes” . . . . . . . . . . .
(f)
Month 6
(g)
Month 7
(h)
Month 8
(i)
Month 9
(j)
Month 10
(k)
Month 11
(l)
Month 12
1
2
3
4
5
6
7
8 Penalty. Add columns (a) through (l) of line 7. Enter the total here and on Part III, line 14 . . . . . . . . . . . . . . . . . . . $
Form 8996 (Rev. 1-2020)
Form 8996 (Rev. 1-2020)
Page 3
Part V
Qualified Opportunity Zone (QOZ) Business Property—directly owned or leased by taxpayer
Enter every census tract where QOZ business property directly owned or leased
by the taxpayer is located
QOZ business property held directly on last day of the first 6-month
period of the tax year
QOZ business property held directly on last day of the tax year
(a)
QOZ Tract No.
(b)
Owned Property Value
(c)
Leased Property Value
(d)
Owned Property Value
(e)
Leased Property Value
1 If the taxpayer directly owned/leased QOZ business
property used in one or more QOZs, see instructions
and enter the total QOZ business property value from
the separate statement . . . . . . . . . .
Part VI
Qualified Opportunity Zone (QOZ) Stock or Partnership Interests
For every QOZ business in which the taxpayer holds stock or a partnership
interest, enter every census tract in which the tangible property of the QOZ
business is located and the EIN of that QOZ business
Value of QOZ stock or partnership
interest held on last day of the first
6-month period of the tax year
apportioned to each census tract
Tangible property held by QOZ
business on last day of the first
6-month period of the tax year
Value of QOZ stock or partnership
interest held on last day of the
tax year apportioned to
each census tract
Tangible property held by QOZ
business on last day of the tax year
(a)
QOZ Tract No.
(indicate non-qualified tracts by 99999999999)
(b)
EIN of QOZ Business
(c)
Investment Value
(d)
Owned Property
Value
(e)
Leased Property
Value
(f)
Investment Value
(g)
Owned Property
Value
(h)
Leased Property
Value
1
If additional lines are needed, see instructions and enter
total QOZ business value held by the taxpayer from
Part VII, line 2, columns (c) and (f) . . . . . . . .
2 6-month test QOZ property. Add Part V, columns (b) and (c), and Part VI, column (c). Enter the total here and on Part II, line 6 . . . . .
3 Year-end test QOZ property. Add Part V, columns (d) and (e), and Part VI, column (f). Enter the total here and on Part II, line 9 . . . . .
4 Type of accounting method used to value the property listed on this form.
Applicable financial statement valuation method.
Alternative valuation method.
Form 8996 (Rev. 1-2020)
Form 8996 (Rev. 1-2020)
Page 4
Part VII Qualified Opportunity Zone (QOZ) Stock or Partnership Interests (continued)
For every QOZ business in which the taxpayer holds stock or a partnership
interest, enter every census tract in which the tangible property of the QOZ
business is located and the EIN of that QOZ business
Value of QOZ stock or partnership
interest held on last day of the first
6-month period of the tax year
apportioned to each census tract
Tangible property held by QOZ
business on last day of the first
6-month period of the tax year
Value of QOZ stock or partnership
interest held on last day of the
tax year apportioned to
each census tract
Tangible property held by QOZ
business on last day of the tax year
(a)
QOZ Tract No.
(indicate non-qualified tracts by 99999999999)
(b)
EIN of QOZ Business
(c)
Investment Value
(d)
Owned Property
Value
(e)
Leased Property
Value
(f)
Investment Value
(g)
Owned Property
Value
(h)
Leased Property
Value
1
If taxpayer invested in QOZ business(es) that have locations
in more than the census tracts listed in Part VI and above,
see instructions and enter total QOZ business value held by
the taxpayer from continuation sheet . . . . . .
2 Total columns (c) and (f). Enter the total here and on Part
VI, line 1, columns (c) and (f) respectively . . . . .
Form 8996 (Rev. 1-2020)
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Form 8996: Qualified Opportunity Fund (IRS)

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Completed 22 December 2020

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