Penalty from IRS
Rather than try to explain what a QOF is, it is sufficient to know that a traditional investment club, such as the type that can use bivio, would not be a QOF, nor could it invest in one as it wouldn't be possible to determine the change in value of the QOF on a daily basis.

Ira Smilovitz, EA

On Sun, Dec 4, 2022 at 4:08 AM Frank Wilson via <user*> wrote:
I found these attachments enlightening but confusing as I'm not familiar with the sugget matter. My impression from reading is that a Qualified Opportunity Fund is like a REIT. Hope this information helps and someone can enlighten us. Thanks

Frank Wilson
Partner of two Investment clubs

On Sat, Dec 3, 2022 at 5:36 PM Karen Wilson via <user*> wrote:
I haven't done anything yet. I was told by someone to try calling them. I am wondering if this is another thing like last time when a lot of clubs got the same message which turned out to be the fault of the IRS. I will try calling the IRS tomorrow. Thats just such a long process.

On Friday, December 2, 2022 at 08:35:05 PM CST, Robyn Hamilton via <user*> wrote:

My club just got the same notice today. Can you fill me in
on what, if anything, has happened with your club. I have
no idea what it means.


Frank Wilson
850 723-4194