Jimmy: And then, by combining the two companies, the fund must hold at least 90% of its assets in a company in the skilled opportunity area, and then the underlying business must hold at least 70% of its assets in commercial real estate in the skilled opportunity area. I mean, you multiply these two numbers one way or another, you get 63%. right? And it`s kind of a much lower barrier or a much lower obstacle to jump against 90%. So, yes, you`re absolutely right. It makes it a lot more flexible. COMPENSATION OF KOMPONENTSAME/MANAGER. The remuneration of a private equity fund sponsor generally includes a management fee of 2% per year for assets under management and a 20% transfer shareholding. Funds often pay the sponsor additional compensation in the form of asset management, property management, financing and management fees, the amounts of which depend on the fund`s negotiating position with investors. Generally, administrative fees are paid to the investment manager, while transferred interest is allocated to their partner. So the way the Regs are written right now requires an asset by improving fortune. And so you should look at your balance sheet and all the different hard assets you have, and then double the cost base for each of them.

For example, each chair should be significantly improved, which is impossible, right? And so we think the IRS will probably clarify in the reges that for the operational activity, it is not necessarily based on one asset per asset, and then, instead, it is based on an aggregate basis. Ashley: For a fund to be a qualified opportunity fund, it must have 90% of its assets in Qualified Opportunity Zone real estate, which may be real estate, that have either completed the significant improvement test or represent a new use. Or it may be shares or a partnership interest newly issued after December 31, 2017 and which is intended for a qualified opportunity zone transaction. So, if you look at this, a company in the skilled sales area, the definition is that that that business must have 70% of its assets in commercial properties in the qualifying area, which can be revealed either as new uses, or as significantly improved real estate, or 70% of its physical assets, i.e. furniture, equipment and equipment that must be within an area of opportunity. And he doesn`t need to own a property, so he can do it under a lease. And so there is much more flexibility at QOZB level than at QOF level. And it gets a lot more complicated when you raise money. So if you start with a basic set of documents, then most entities can do that, they can start with a fairly simple LLC corporate contract or a set of basic statuses. Then, as you go through your fundraising round, these documents will be converted into acceptable documents for investors, which are a modified and revised enterprise agreement, which then has a subscription contract and/or, as you know, your statuses and all the things that go into a corporate share issue associated with a capital increase. Ashley: It probably wouldn`t be bad for a lot of the money that`s out there now to make it happen like January 2. In this way, everyone will have their money to reach that date in 2019 and certainly, if they extend that period, I hope that it will reach 2 January, so that the deadline will actually be valid for all those who come.

So everyone gets their money, but then maybe it`s an extended year for other people who are behind on the spot. But we joked about it.