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Navigating the Rules and Responsibilities of the New Form 7217 On-Demand Webinar

Summary

The new Form 7217, Tax Information Reporting for Distributions of Property from a Partnership, was introduced to report liquidating and non-liquidating distributions of property received by partners. This form is crucial for accurately calculating the basis in property distributed from partners. Additionally, it helps partners fulfill their tax obligations while providing clear information to the IRS regarding the nature and value of distributed assets.

Attendees will engage with real-world examples and scenarios highlighting the nuances of Form 7217. Obtaining an understanding of the implications of property distributions on both partnership and partner tax liabilities is critical. By the end of this session, you will be equipped to effectively complete Form 7217 and navigate the associated challenges in partnership distributions.

Objectives

Upon completion of this course, you will be able to:

  • Describe the purpose and relevance of Form 7217 for partnership distributions
  • Recognize the key sections of Form 7217, including the information required and the instructions for completing the form
  • Analyze various scenarios involving property distributions from partnerships, applying the rules and guidelines associated with Form 7217
  • Illustrate how to properly fill out Form 7217 using real-world examples, ensuring compliance with IRS requirements
  • Identify common pitfalls and issues that may arise when using Form 7217 and discuss strategies to mitigate these risks

Course Details

This on-demand webinar includes the presentation slides, exam questions, recording of the webinar broadcast with review questions, and attendee top questions. CPE is issued after exam is successfully completed.






   

Presented by: Tom O'Saben, EA

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