Income Tax

Notice 2018–48, page 9. This notice lists the population census tracts the Secretary of the Treasury designates as qualified opportunity zones.

Notice 2018–59, page 196. Beginning of Construction for the Investment Tax Credit under Section 48. Notice 2018–59 provides two methods for taxpayers to establish the beginning of construction (Physical Work Test and Five Percent Safe Harbor), a Continuity Requirement for both methods, rules for transferring energy property, and additional rules applicable to the beginning of construction requirement of § 48.

Rev. Proc. 2018–35, page 204. Rev. Proc. 2018–35 provides a new automatic method change for certain taxpayers to change their method of accounting from applying section 263A to citrus plant replanting costs to not applying section 263A to those costs, pursuant to section 263A(d)(2)(C). Section 263A(d)(2)(C) provides that section 263A does not apply to certain costs that are paid or incurred by certain taxpayers for replanting citrus plants after the loss or damage of citrus plants. Rev. Proc. 2018–35 modifies Rev. Proc. 2018–31, 2018–22 I.R.B. 637, to provide procedures for obtaining automatic consent of the Commissioner.