Opportunity Zone w/ Cash - No CG Deferral

[Aaron Moayed]

Can the OZ benefit be applied to an investor that's just using cash to create the fund vs. rolling over/deferring capital gains tax from some other REI sale? I.e., cash from scratch in fund vs cash from REI proceeds...? I'd assume the 10% and 15% reduction in CG wouldn't be applicable, but I'm wondering if the 10+ year hold would lead to zero capital gains tax.