Tax-advantaged “Opportunity Zones” (OZs) were established by the 2017 Tax Cuts and Jobs Act (Tax Act). In accordance with the new OZ statute and proposed regulations, investors may be able to defer – and partially eliminate – recognition of gains by investing the proceeds of appreciated investments in a so-called “qualified opportunity fund” that invests in OZs. A recent Akin Gump program provided a comprehensive overview of the new OZ regime. The program was moderated by Akin Gump partner Lucas F. Torres and featured partners Susan H. Lent, John J. Marciano III and Ron G. Nardini, as well as senior adviser Geoffrey K. Verhoff. This article summarizes the key takeaways from the program. For additional commentary from Akin Gump attorneys, see “What Fund Managers Need to Know About the Legislative Response to #MeToo” (May 3, 2018); and our two-part series “Managing the Machine”: How Hedge Fund Managers Can Examine and Document Their Automated Trading Strategies (Jan. 7, 2016); and How Hedge Fund Managers Can Monitor and Review Their Automated Trading Strategies (Jan. 14, 2016).