### Question
How is the "qualified New York Liberty Zone property" defined?


### Answer
The term **qualified New York Liberty Zone property** is defined in *26 U.S.C. § 1400L* as follows -

> 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-Short-Term Regional Benefits > PART I-TAX BENEFITS FOR NEW YORK LIBERTY ZONE**

