Appendix Thirty-Two

• Author: Brian C. Vertz and Mitchell E. Benson
• Pages: 613-615

A-203 Appendices Appendix Thirty-Two

APPENDIX THIRTY-TWO

ΙΡΣ Φορµ 8997, Ινιτιαλ ανδ Αννυαλ Στατεµεντ οφ Θυαλιφιεδ Οππορτυνιτψ Φυνδ Ινϖεστµεντσ

DO NOT FILE

October 9, 2020

DRAFT AS OF

Form 8997

Department of the Treasury

Internal Revenue Service

Initial and Annual Statement of

Qualified Opportunity Fund (QOF) Investments

▶ Go to www.irs.gov/Form8997 for the latest information.

OMB No. 1545-0123

2020

Attachment

Sequence No. 997

Name Tax identification number (see instructions)

Part I Total QOF Investment Holdings Due to Deferrals Prior to Beginning of Tax Year

If different from last year’s ending QOF investment holdings, attach explanation.

(a)

Qualified

Opportunity

Fund (QOF)

EIN

(b)

Date QOF

investment

acquired

(MM/DD/YYYY)

(c)

Description of QOF investment

(for example, 100 shares or 25% interest)

(d)

Special

gain

code

Deferred gain held in QOF

(e)

Amount of short-term

deferred gain

remaining in QOF

(f)

Amount of long-term

deferred gain

remaining in QOF

1Enter the totals, if any, from continuation sheet . . . . . . . . . . . . ▶

2Enter the totals from columns (e) and (f) . . . . . . . . . . . . . . . ▶

Part II Current Tax Year Capital Gains Deferred by Investing in QOF

(a)

Qualified

Opportunity

Fund (QOF)

EIN

(b)

Date QOF

investment

acquired

(MM/DD/YYYY)

(c)

Description of interest acquired

(for example, 100 shares or 25% interest)

(d)

Special

gain

code

Deferred gain invested in QOF

(e)

Amount of short-term

deferred gain

remaining in QOF

(f)

Amount of long-term

deferred gain

remaining in QOF

1Enter the totals, if any, from continuation sheet . . . . . . . . . . . . ▶

2

Enter the totals from columns (e) and (f). See instructions for reporting on Form 8949

▶

Applicability of Special Rules Regarding the Waiver of Certain Treaty Benefits

Are you a foreign eligible taxpayer whose tax year began after March 13, 2020? See instructions for more information.

Yes. You may not elect to defer tax on an eligible gain by investing in a QOF unless you check “Yes” in response to the next question.

No. Skip the next question and go to Part III.

If you are a foreign eligible taxpayer, see the instructions to determine if you are required to attach a written statement for the portion

of your first tax year ending after December 21, 2017, and all tax years that began after December 21, 2017, and on or before March

13, 2020.

Waiver of Treaty Benefits on Future Inclusions by a Foreign Eligible Taxpayer (for Tax Years Beginning After

March 13, 2020, Only)

Do you hereby irrevocably waive any benefits available under an applicable U.S. income tax convention that would exempt gains

that you are deferring by investing in a QOF from being subject to federal income tax at the time of inclusion? See instructions for

more information.

Yes. Report the deferral of the eligible gain in Part II and on Form 8949.

No. You may not elect to defer tax on an eligible gain by investing in a QOF. Do not report the deferral of any otherwise

eligible gain in Part II or on Form 8949.

For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 37821R Form 8997 (2020)

APPENDIX THIRTY-TWO