Qualified Opportunity Zone (QOZ) investments offer investors three potential tax benefits. Which of the following correctly describes the deferral benefit?

Opportunity zone investing, created by the Tax Cuts and Jobs Act, allows investors to roll capital gains into a Qualified Opportunity Fund within 180 days and defer recognition of those original gains. The deferral lasts until the QOZ investment is disposed of or December 31, 2026, whichever comes first. The most powerful benefit is that if you hold the QOZ investment for at least 10 years, any appreciation on the new investment itself is completely excluded from capital gains tax.