8996 Qualified Opportunity Fund

8996

Form
(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.

Part I

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11

No.
If you checked “Yes” on line 3, list the first month in which the fund chooses to be a Qualified Opportunity Fund ▶
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.

Investment Standard Calculation

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” . . . . . . . . .
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” . . . . . . . . . . . . . . . . . . . . .
Divide line 6 by line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total qualified opportunity zone property held by the taxpayer on the last day of the taxpayer’s tax year
Total assets held by the taxpayer on the last day of the taxpayer’s tax year . . . . . . . . .
Divide line 9 by line 10 . . . . . . . . . . . . . . . . . . . . . . . . . .

Part III
12
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14

General Information and Certification

Type of taxpayer:
Corporation
Partnership
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.
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.

Part II
6

Attachment
Sequence No. 996
Employer identification number

Name

1
2

OMB No. 1545-0123

6
7
8
9
10
11

Qualified Opportunity Fund Average and Penalty

Add lines 8 and 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Divide line 12 by 2.0. See instructions if Part I, line 3, is “Yes”
. . . . . . . . . . . . .
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 . . . .

For Paperwork Reduction Act Notice, see your tax return instructions.

Cat. No. 37820G

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Form 8996 (Rev. 1-2020)

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Form 8996 (Rev. 1-2020)

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.”

1
2
3
4
5
6
7

(a)
Month 1

(b)
Month 2

(c)
Month 3

(d)
Month 4

(e)
Month 5

(h)
Month 8

(i)
Month 9

(j)
Month 10

(k)
Month 11

(l)
Month 12

Total assets on the last day of the month .
Multiply line 1 by 0.90 . . . . . . . .
Total qualified opportunity zone property on
the last day of the month . . . . . . .
Subtract line 3 from line 2. If less than zero,
enter -0- . . . . . . . . . . . .
Underpayment rate
. . . . . . . .
Multiply line 4 by line 5 . . . . . . .
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

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 .

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Form 8996 (Rev. 1-2020)

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Form 8996 (Rev. 1-2020)

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
(a)
QOZ Tract No.

1

(b)
Owned Property Value

(c)
Leased Property Value

(d)
Owned Property Value

(e)
Leased Property Value

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

(c)
Investment Value

(d)
(e)
Owned Property Leased Property
Value
Value

(f)
Investment Value

(g)
(h)
Owned Property Leased Property
Value
Value

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
(a)
QOZ Tract No.
(indicate non-qualified tracts by 99999999999)

2
3
4

QOZ business property held directly on last day of the tax year

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

1

QOZ business property held directly on last day of the first 6-month
period of the tax year

(b)
EIN of QOZ Business

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) . . . . . . . .
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
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
Type of accounting method used to value the property listed on this form.
Applicable financial statement valuation method.
Alternative valuation method.

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Form 8996 (Rev. 1-2020)

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Form 8996 (Rev. 1-2020)

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
(a)
QOZ Tract No.
(indicate non-qualified tracts by 99999999999)

1

2

(b)
EIN of 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

(c)
Investment Value

(d)
(e)
Owned Property Leased Property
Value
Value

(f)
Investment Value

(g)
(h)
Owned Property Leased Property
Value
Value

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 . . . . . .
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)