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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 bivio.com <user*3997100001@bivio.com> 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 bivio.com <user*16610800001@bivio.com> 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 bivio.com <user*16171000001@bivio.com> wrote:


Karen,
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.

Thanks,
Robyn



--
Frank Wilson
850 723-4194