Preparing New Form 7217 for Certain Property Distributions
Liquidating and Nonliquidating Distributions, Section 732 Basis Adjustments, Examples and Common Scenarios, Avoiding IRS Scrutiny
Note: CLE credit is not offered on this program
A live 110-minute CPE webinar with interactive Q&A
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).
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
Faculty
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... | Read More
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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Megan J. Whitlock, CPA
Shareholder, Tax Advisory Services
Schneider Downs
Ms. Whitlock has more than 20 years of public accounting experience. Her industry focus includes energy, real... | Read More
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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CPE processing must be ordered prior to the event.
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Early Discount (through 03/21/25)
CPE credit is not available on downloads.
CPE On-Demand