It means a trade or business in which substantially all of the tangible property owned or leased by the taxpayer is qualified opportunity zone business property, defined as follows:
The business acquired the property by purchase from unrelated persons after December 31, 2017.
The original use of the property commences with the business, or the business substantially improves the property.
During substantially all of the business’s holding period for such property, substantially all of the use of that property was in the Opportunity Zone.
At least 50% of the taxpayer’s total gross income is derived from the active conduct of such business.
A substantial portion of the intangible property of the taxpayer is used in the active conduct of such business.
Less than 5% of the average of the aggregate unadjusted bases of the taxpayer’s property is attributable to nonqualified financial property.