SECTION 1. PURPOSE

This notice provides guidance with respect to the recapture of the 50-percent additional first year depreciation deduction provided by § 1400N(d) of the Internal Revenue Code (GO Zone additional first year depreciation deduction) for qualified Gulf Opportunity Zone property (GO Zone property), including specified Gulf Opportunity Zone extension property (GO Zone extension property). Specifically, this notice explains how the recapture rules described in section 6 of Notice 2006–77, 2006–40 I.R.B. 590, apply to GO Zone property that is relinquished in a like-kind exchange or as a result of an involuntary conversion.