Relief for Qualified Opportunity Funds and Investors Affected by Ongoing Coronavirus Disease 2019 Pandemic

Notice 2020-39 answers questions regarding relief from certain requirements under section 1400Z-2 of the Internal Revenue Code and the implementing regulations in response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic, such as testing dates for assets held by Qualified Opportunity Funds (QOFs), timeframes for taxpayers to invest eligible gains in QOFs, and reminding taxpayers of additional time under the working capital safe harbor for projects undertaken by qualified opportunity zone businesses and the re-investment of certain proceeds received by QOFs from qualified opportunity zone property.

Notice 2020-39 will be in IRB:  2020-26, dated June 22, 2020.