The U.S. IRS has issued published updated guidance on Qualified Opportunity Zones (QOZs) in the form of Frequently Asked Questions (FAQ) dated 20 October 2021. The tax incentive for investments in QOZs was introduced as part of the Tax Cuts and Jobs Act, allowing qualifying investors to defer tax on any prior eligible gain to the extent that a corresponding amount is timely invested in a Qualified Opportunity Fund (QOF). The incentive is designed to spur economic development and job creation in distressed communities. Subject to certain conditions, eligible investors may include individuals, corporations, and partnerships, including alien individuals and...