qualified zone property
Defined in 1 dictionary — U.S. Code
United States Code
26 U.S.C. § 1394 — for purposes of this section (3 versions over time)
The term “qualified zone property” has the meaning given such term by section 1397D; except that—
(A) the references to empowerment zones shall be treated as including references to enterprise communities, and
(B) section 1397D(a)(2) shall be applied by substituting “an amount equal to 15 percent of the adjusted basis” for “an amount equal to the adjusted basis”.
26 U.S.C. § 1397D — for purposes of this part
The term “qualified zone property” means any property to which section 168 applies (or would apply but for section 179) if—
(A) such property was acquired by the taxpayer by purchase (as defined in section 179(d)(2)) after the date on which the designation of the empowerment zone took effect,
(B) the original use of which in an empowerment zone commences with the taxpayer, and
(C) substantially all of the use of which is in an empowerment zone and is in the active conduct of a qualified business by the taxpayer in such zone.