### Question
What is the definition of qualified New York Liberty Zone property?


### Answer
The definition of **qualified New York Liberty Zone property** is as follows in *26 U.S.C. § 1400L*:

> property—


(i)(I) which is described in section 168(k)(2)(A)(i), or


(II) which is nonresidential real property, or residential rental property, which is described in subparagraph (B),


(ii) substantially all of the use of which is in the New York Liberty Zone and is in the active conduct of a trade or business by the taxpayer in such Zone,


(iii) the original use of which in the New York Liberty Zone commences with the taxpayer after September 10, 2001,


(iv) which is acquired by the taxpayer by purchase (as defined in section 179(d)) after September 10, 2001, but only if no written binding contract for the acquisition was in effect before September 11, 2001, and


(v) which is placed in service by the taxpayer on or before the termination date

#### Citation:
  - *26 U.S.C. § 1400L*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter Y-New York Liberty Zone Benefits**

