Opportunity-Zone Investors Are Buying Now, Planning Later

Real-estate values in opportunity zones have started to rise as speculators have begun to snap up property in these areas

Treasury issued its first round of guidance on the zones last fall; a second round is expected soonMcDougal Cos. recently bought an 8,000 square-foot former movie theater in Lubbock, Texas. The family-owned real-estate firm doesn’t know if it will convert the building into apartments, office space, a hotel or some combination.

For investors like McDougal, there is good reason to buy now and figure it out later. The Lubbock building in the northwestern part of the state is in a designated opportunity zone. That means certain investments in real estate and businesses there enable investors to defer taxes on earlier capital...

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