Ordinary vs Capital Gains: Calling all Real Estate accountants

[Christie O'Malley]

Hi all, 

Lately, I have been trying to do my best to learn the different tax laws and am confused on a few different things. Recently, my accountant told me that if I hold a property for over a year in a LLC that does multiple flips a year, it will still be taxed as ordinary tax and not the capital gains tax. This particular property was land that was being subdivided to sell parcels. Everything I look into says if you hold for over a year you receive the more favorable capital gains tax. Does anyone have a direct link to help me understand if he is correct?

Also, I was advised not to defer taxes from an "opportunity zone" because it would require an S-corp or a partnership. Neither, according to my accountant, is favorable because if you have to move the property out of a corporation it would mean serious tax implications. Also, something about not being able to write off depreciation. He is a very good accountant but everything I read tells me the opposite of what I have been told. If anyone has a link to an IRS page that could help me understand the different implications of rental property in a corporation vs sole-proprietor, I would greatly appreciate it. 

Thank you, 

Christie