OZ MAGAZINE 2022 Top 25 Influencers issue 2.2 | Page 36

36 OPPORTUNITY ZONE MAGAZINE | ISSUE 2 • VOLUME 2

CONI RATHBONE

DUNN CARNEY

Coni Rathbone is a remarkable negotiator and deal-maker . Bringing together seven years of management and financing experience with 33 years in the practice of law , she uses her negotiation skills to accomplish her clients ’ goals with a minimum of conflict . She focuses her deal-making skills in the areas of real estate , Opportunity Zones , tenant-incommon workouts , corporate and securities law , mergers and acquisitions , and general business transactions . Rathbone assembled a team of Dunn Carney attorneys and outside advisors to counsel clients on Opportunity Zone investments . She is a prominent presenter and writer on Opportunity Zones , negotiations and other real estate and business topics to broker groups , developers , investment advisors , and others .

WHAT NEW TRENDS ARE YOU SEEING IN THE OPPORTUNITY ZONE INDUSTRY ?
The non-inclusion of the capital gains tax increase in the Build Back Better agenda gave the program a big boost . With the 10 % step-up in basis evaporating , large QOF sponsors will be approached by small QOFs seeking to become side-car investments into their QOZB properties . I strongly advocate for a substantial structural change to the legislation to make the program perpetual . I believe the biggest wild card is inflation and the impact it has on an investor ’ s decision to liquidate their capital assets and invest in a QOF . Will holders of real property investments stay in and ride the inflation train to increased values , or liquidate now and potentially purchase an asset with an inflated price ? My crystal ball says likely the former .

GERALD J . REIHSEN , III

REIHSEN & ASSOCIATES

Gerry Reihsen , principal attorney of Reihsen & Associates and Of Counsel to Ferguson Braswell Fraser Kubasta PC , a securities attorney and entrepreneur of some four decades , has been actively focused on the Opportunity Zone investment space since its start at the beginning of 2018 . Early on , he participated in the Opportunity Zone rulemaking process with comment letters and other input to the IRS . His work , including with his related consulting firm , Coasis Coalition Companies PB LLC , includes enabling capital sourcing , strategy development and formation of captive and family office investment vehicles , joint ventures and investment funds , for everything from real estate , solar and operating company ventures .

WHAT NEW TRENDS ARE YOU SEEING IN THE OPPORTUNITY ZONE INDUSTRY ?
We are seeing the Opportunity Zone investment space as constantly evolving and innovating both as to its micro uses and ventures pursued , and the macro evolution of the industry . This includes : captive investment vehicles enabling individuals , family offices for investment in real estate and other assets and venture companies , resulting in a highly flexible Roth IRA-type enterprise ; use of C corporation consolidated companies as QOZBs within larger enterprises ; innovations in both widely offered ( even exchange-listed ) and limited offered investment funds ; greater adaptation and use by governmental bodies ; industry evolution , including roll-ups into larger QOFs / QOZBs through untaxed mergers . We expect continued innovation in the space limited only by the imagination of experienced and skilled businesspersons and professionals .
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