Partnership Distributions and Form 7217
2 CPE for AFSP, EA, CFP®, CPA, CRTP
Form 7217, Partner’s Report of Property Distributed by a Partnership, was introduced for tax year 2024. If you file tax returns for partners, you’ll get to know this form as it provides information to the IRS regarding the partner’s basis in distributed property. This session will examine current and liquidating property distributions from a partnership to a partner. We’ll use practical examples to help you learn how to complete Form 7217 in various scenarios.
Objectives
Upon completion of this session, you will be able to:
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Summarize the tax consequences of property distributions
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Determine the partner’s basis in noncash property received from the partnership
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Explain Form 7217 filing requirements
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Apply certain information from Schedule K-1 and the attached statements to Form 7217
CPE information
Duration: 100 minutes
Course level: Basic
Prerequisite: None
Advanced preparation: None
Delivery method: Group Live
