Preparing New Form 7217 for Certain Property Distributions

BarbriSFCourseDetails

Course Details

Course Information

smart_display Format
On-Demand
signal_cellular_alt Difficulty Level
Intermediate
work Practice Area
Tax Preparer

Date & Time

event Date
Friday, April 18, 2025
schedule Time
1:00 p.m. ET./10:00 a.m. PT
timer Program Length
110 minutes

Credit Information

BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.
BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00

This webinar will walk tax practitioners through the preparation of new Form 7217, Partner's Report of Property Distributed by a Partnership. Our panel of partnership tax veterans will provide examples of common distribution scenarios, including liquidating and nonliquidating distributions and applying basis adjustments under IRC Sections 732(a)-(c).

Faculty

Megan J. Whitlock

Shareholder, Tax Advisory Services

Schneider Downs

Ms. Whitlock has more than 20 years of public accounting experience. Her industry focus includes energy, real estate, and private equity. She works closely with the firm’s tax teams on partnership issues. Prior to joining Schneider Downs, Ms. Whitlock worked in the national tax office of both Big Four and Mid-tier firms, advising clients on compliance, mergers, acquisitions, disguised sale analysis, allocations and calculations related to section 704(c) and 743(b), partnership agreement interpretation, and wrote multiple memorandums and opinions related to partnership transactions. She is a frequent speaker and author on technical tax topics.

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Terence Coppinger

Partner

DSJ Advisory Group

Mr. Coppinger has been advising clients in the areas of tax information reporting and IRS practice and procedure for more than 24 years. He provides tax consulting and audit representation related services to the firm's asset management, private equity, and hedge fund clients. His practice focuses on domestic and nonresident alien tax information reporting and withholding obligations, the Foreign Account Tax Compliance Act, The Common Reporting Standard and withholding foreign partnerships. Mr. Coppinger has served on the IRS Relations Committee of the New York State Society of CPAs and the IRS’ Information Reporting Program Advisory Committee where he sat on the International Reporting and Withholding subcommittee.

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Description

The IRS continues to require new forms; likely, these forms help identify transactions for potential audits. Although the information reported on Form 7217 does not require any data that preparers should not have on hand, the IRS asks for the details of certain distribution transactions on the new form. Specific instructions included with form 7217 state, "File with your annual tax return a separate Form 7217 for each date during the tax year that you actually (and not constructively) received distributed property subject to section 732." The instructions also make it clear that distributions of money or marketable securities are not included.

Apparently, the IRS wants to be sure properties distributed under Section 732 are brought to their attention and handled properly. In addition to identifying the property, taxpayers must include whether the distribution was made in liquidation, basis details for the property, and any basis adjustments in Part II. In order to avoid scrutiny, tax professionals need to understand the reporting nuances and underlying requirements of new form 7217.

Listen as our panel of partnership experts explains preparing new Form 7217 for property distributed by a partnership, properly applying the distribution and basis adjustment rules under Section 732.

Outline

New Form 7217, Property Distributed by a Partnership
Partnerships subject to reporting requirement
Distributions
- Liquidating
- Nonliquidating
- Basis adjustments under Section 732
Preparing Form 7217
- Part I
- Part II
Examples

Benefits

The panel will cover these and other key issues:

Preparing new Form 7217 properly to avoid IRS scrutiny
Calculating and reporting basis for liquidating and nonliquidating distributions
Completing Parts I and II of Form 7217 for certain partnership distributions
The impact of inside and outside basis on tracking partners' basis
Which transactions are subject to the new reporting requirement

NASBA Details

Learning Objectives

After completing this course, you will be able to:

Identify taxpayers subject to completing new Form 7217
Determine specific transactions subject to the new reporting requirement
Decide how basis in property distributions from partnerships is computed
Ascertain difference in calculations for liquidating and nonliquidating distributions

Field of Study: Taxes
Level of Knowledge: Intermediate
Advance Preparation: None
Teaching Method: Seminar/Lecture
Delivery Method: Group-Internet (via computer)
Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of pass-through taxation, including taxation of partnerships, S corporations and their respective partners and shareholders.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.