### Question
Can you define what qualified empowerment zone asset means?


### Answer
**Qualified empowerment zone asset** is defined as the following in *26 U.S.C. § 1397B*:

> any property which would be a qualified community asset (as defined in section 1400F) if in section 1400F—


(i) references to empowerment zones were substituted for references to renewal communities,


(ii) references to enterprise zone businesses (as defined in section 1397C) were substituted for references to renewal community businesses,


(iii) the date of the enactment of this paragraph were substituted for "December 31, 2001" each place it appears, and


(iv) the day after the date set forth in section 1391(d)(1)(A)(i) were substituted for "January 1, 2010" each place it appears

#### Citation:
  - *26 U.S.C. § 1397B*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter U-Designation and Treatment of Empowerment Zones, Enterprise Communities, and Rural Development Investment Areas > PART III-ADDITIONAL INCENTIVES FOR EMPOWERMENT ZONES > Subpart C-Nonrecognition of Gain on Rollover of Empowerment Zone Investments**

