On 19 October 2018, the U.S. IRS announced the proposed regulations for the new Opportunity Zone tax incentive introduced as part of the Tax Cuts and Jobs Act. The incentive allows qualifying investors to defer tax on capital gains invested in an Opportunity Zone and is available for individuals, C corporations, partnerships, and certain other pass-through entities. Although proposed, the regulations may be relied on if a taxpayer applies the rules in their entirety and in a consistent manner…