Mastering IRS Form 7217: Partnership Property Distributions

Overview

The IRS recently released the new Form 7217 for 2024, designed for a partner to report distributions of property received from a partnership. This course dives into the complexity of the partnership distribution rules and their application to the new form, as well as discuss liquidating a partner’s interest, Section 751 and the Section 754 election.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics that will be covered in this course include:

• Property distributions in liquidation of a partner’s interest
• Section 751 and its impact on property distributions from a partnership
• Mechanics of completing Form 7217 – new for 2024
• The Section 754 election and its role in partnership property distributions

Prerequisites

Basic working knowledge of individual and business taxation.

Designed For

CPAs and members in industry seeking an in-depth review of partnership property distributions.

Objectives

After attending this presentation, you will be able to...

• Implement practical strategies based on a thorough understanding of the complex rules for partnership distributions of property
• Identify and recall key compliance issues
• Identify and recall significant issues in the Form 7217

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by CPA Crossings (messenger@webex.com). Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.