after December 31, 2023, from the partnership solely in exchange for cash, (ii) as of the time such interest was acquired, such partnership was a qualified rural opportunity zone business (or, in the case of a new partnership, such partnership was being organized for purposes of being a qualified rural opportunity zone business), and (iii) during substantially all of the qualified rural opportunity fund’s holding period for such interest, such partnership qualified as a qualified rural opportunity zone business. (D) Qualified rural opportunity zone business property (i) In general The term qualified rural opportunity zone business property means tangible property used in a trade or business of the qualified rural opportunity fund if— (I) such property was acquired by the qualified rural opportunity fund by purchase (as defined in section 179(d)(2)) after December 31, 2023, (II) the original use of such property in the qualified rural opportunity zone commences with the qualified rural opportunity fund or the qualified rural opportunity fund substantially improves the property, and (III) during substantially all of the qualified rural opportunity fund’s holding period for such property, substantially all of the use of such property was in a qualified rural opportunity zone. (ii) Substantial improvement For purposes of subparagraph (A)(ii), property shall be treated as substantially improved by the qualified rural opportunity fund only if, during any 30-month period beginning after the date of acquisition of such property, additions to basis with respect to such property in the hands of the qualified rural opportunity fund exceed an amount equal to the adjusted basis of such property at the beginning of such 30-month period in the hands of the qualified rural opportunity fund. (iii) Related party For purposes of subparagraph (A)(i), the related person rule of section 179(d)(2) shall be applied pursuant to subsection (e)(2) in lieu of the application of such rule in section 179(d)(2)(A). (3) Qualified rural