Speaker: Jane Ryder, EA, CPA
CE: 1 IRS/CTEC
Price: Free for Members | $60 for Nonmembers
The new Form 7217 will be filed by any partner receiving a distribution of property from a partnership (non-liquidating or liquidating) to report the basis of the distributed property, including any basis adjustment required by section 732(a)(2) or (b). This reporting may involve more than simply determining the relative values of the partner’s basis in the partnership versus the partnership’s basis in the property and whether or not the value of the property has appreciated or declined. Generally, the partner’s K-1 will report property distributions in Box 19, code C or possibly a Section 732(d) statement if related party rules apply.
Learning Objectives:
- Learn when Form 7217 is required and applicable code sections impacting the reporting.
- Accurately prepare Form 7217 when needed.
- Determine how to calculate the correct basis of the property for Form 7217.
- Understand compliance matters related to Form 7217.
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