The Treasury Department and the IRS released the final guidanceon the opportunity zone legislation. While it was long awaited, itprovided some much needed clarity to opportunity zone investors andsome good news in terms of flexibility on timing. However, thereare still gray areas and unanswered questions, particularly interms of triple-net leases. It is odd, because there had beenseveral calls from the investment community for clarity on howthese leases should be handled.

"The exact application or rules to triple net leases is stillambiguous," Phil Jelsma, apartner and chair of the tax practice team at CrosbieGliner Schiffman Southard & Swanson, tellsGlobeSt.com. "The final regulations make clear that a singleproperty leased on a triple net lease isn't a trade orbusiness.  However a three story building where two of thefloors are leased on a triple net basis but the third isn't can bea trade or business. It is not clear where the line startsand ends."