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