property ceases to be so qualified, or (ii) the date on which such tangible property is no longer held by the qualified gigabit opportunity zone business. (e) Applicable rules (1) In general For purposes of this section and except as otherwise provided in this section, rules similar to the rules applicable to deferred like kind exchanges under section 1031 shall apply except that reinvestment in qualified gigabit opportunity zone property need not require an intermediary party. (2) Related persons For purposes of this subsection, persons are related to each other if such persons are described in section 267(b) or 707(b)(1), determined by substituting 20 percent for 50 percent each place it occurs in such sections. (3) Decedents In the case of a decedent, amounts recognized under this section shall, if not properly includible in the gross income of the decedent, be includible in gross income as provided by section 691. (4) Regulations The Secretary shall prescribe such regulations as may be necessary or appropriate to carry out the purposes of this section, including— (A) rules providing for proportionate inclusion in income and increases in basis for purposes of subsections (a) and (b) in cases in which a sale or exchange of any qualified gigabit opportunity zone property with respect to which gain is deferred under subsection (a)(1)(A) is less than all of such property, (B) rules requiring taxpayers to provide such information as the Secretary determines to be necessary or appropriate for the identification of both the assets sold (including basis and sale price) and the assets acquired and investments made, and (C) rules to prevent abuse. 1400Z–3. Immediate expensing of qualified gigabit opportunity zone business property (a) In general A eligible taxpayer may elect to treat the cost of any qualified gigabit opportunity zone business property (as defined in section 1400Z–2) as an expense which is not chargeable to capital account. Any cost so treated shall be allowed as a deduction for the taxable year in