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131 STAT. 2186 PUBLIC LAW 115–97—DEC. 22, 2017 ‘‘(i) qualified opportunity zone stock, ‘‘(ii) qualified opportunity zone partnership interest, or ‘‘(iii) qualified opportunity zone business property. ‘‘(B) QUALIFIED OPPORTUNITY ZONE STOCK.— ‘‘(i) IN GENERAL.—Except as provided in clause (ii), the term ‘qualified opportunity zone stock’ means any stock in a domestic corporation if— ‘‘(I) such stock is acquired by the qualified opportunity fund after December 31, 2017, at its original issue (directly or through an underwriter) from the corporation solely in exchange for cash, ‘‘(II) as of the time such stock was issued, such corporation was a qualified opportunity zone business (or, in the case of a new corporation, such corporation was being organized for purposes of being a qualified opportunity zone business), and ‘‘(III) during substantially all of the qualified opportunity fund’s holding period for such stock, such corporation qualified as a qualified oppor- tunity zone business. ‘‘(ii) REDEMPTIONS.—A rule similar to the rule of section 1202(c)(3) shall apply for purposes of this para- graph. ‘‘(C) QUALIFIED OPPORTUNITY ZONE PARTNERSHIP INTEREST.—The term ‘qualified opportunity zone partner- ship interest’ means any capital or profits interest in a domestic partnership if— ‘‘(i) such interest is acquired by the qualified oppor- tunity fund after December 31, 2017, from the partner- ship solely in exchange for cash, ‘‘(ii) as of the time such interest was acquired, such partnership was a qualified opportunity zone busi- ness (or, in the case of a new partnership, such partner- ship was being organized for purposes of being a quali- fied opportunity zone business), and ‘‘(iii) during substantially all of the qualified oppor- tunity fund’s holding period for such interest, such partnership qualified as a qualified opportunity zone business. ‘‘(D) QUALIFIED OPPORTUNITY ZONE BUSINESS PROP- ERTY.— ‘‘(i) IN GENERAL.—The term ‘qualified opportunity zone business property’ means tangible property used in a trade or business of the qualified opportunity fund if— ‘‘(I) such property was acquired by the quali- fied opportunity fund by purchase (as defined in section 179(d)(2)) after December 31, 2017, ‘‘(II) the original use of such property in the qualified opportunity zone commences with the qualified opportunity fund or the qualified oppor- tunity fund substantially improves the property, and VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00134 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097 dkrause on DSKBC28HB2PROD with PUBLAWS