IRS Form 7217 is an IRS tax form required for partners receiving distributions of property from partnerships. Starting for tax years beginning in 2024, a partner who receives property from a partnership must file Form 7217 with his or her annual income tax return.
DESIGNED FOR
Accounting and finance professionals who need to know the latest regarding distributions of property from partnerships and those who need to know about shareholders’ stock and debt basis
BENEFITS
- Understand the latest regarding distributions of property from partnerships
- Understand shareholders’ stock and debt basis
HIGHLIGHTS
- Tax treatment of partnership distributions to partners of cash and property other than cash
- Basis of property received in a partnership distribution
- IRS’s new regulations regarding basis shifting in favor of high-marginal tax rate related partners
- Organization and structure of the new Form 7217
- Who must file Form 7203
- Determining the S corporation shareholder’s initial basis in his or her stock
- Basis limitations on partnership losses and deductions
- Organization and structure of Form 7203 — understanding the three parts of Form 7203
- Filing criteria for Form 7203
- Calculating an S corporation shareholder’s share of S corporation deductions and credits
- Understanding stock and debt basis
ADVANCE PREPARATION
None