Boston Partner Heather Stone Quoted in Law360 Article on Legal Questions Left Open by Proposed Opportunity Zone Regulations

Heather Stone, a Partner in Locke Lord’s Boston office and Co-Chair of the Investment Adviser and Alternative Funds group, shared insight with Law360 on ambiguities pertaining to triple net leases in the federal government’s proposed Opportunity Zone regulations. Because the guidance does not explicitly address the issue, she advised lawyers to be cautious about structuring Opportunity Zone-related deals to include triple net leases.

“A lot of people want to do deals with triple net leases,” Stone said. “Elsewhere in the [IRS tax code], there’s a lot of language making clear that a triple net lease is not an active business, and we were hoping the IRS would say that for the purpose of an opportunity zone they are active, but they did not.”

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