How do I fulfill the criteria of both statutes at the same time?
You cannot use the same dollars on both 1031 and OZ. There are several ways to combine, though. You can 1031 into an OZ property and ground lease it to a QOZB for development or redevelopment. You could take an existing OZ investment and 1031 it inside of a QOZB. But you can't qualify the same dollars for both 1031 and OZ. It is literally impossible as a matter of law.
Careful analysis should be performed as to the fact that the requirements for OZ and 1031 are very different. For one, 1031 requires the reinvestment of all the proceeds. Therefore, it seems not possible at first glance to combine with OZ investment.
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