Date and Time: Wednesday, August 12 – 10:00 am – 11:00 aaaam EST
Description: The IRS released the NEW Form 7217 in 2024, used for reporting cash and non-cash distributions made by a partnership for tax reporting and compliance. This program will address the complex rules for partnership distribution of property with a focus on liquidating of a partner’s interest, Section 751 and how to complete the new Form 7217 using a detailed example.
Learning Objectives
- Implement practical strategies based on a thorough understanding of the complex rules for partnership distributions of property
- Identify and recall key compliance issues
- Identify and recall significant issues in the Form 7217
Program Content:
- Property distributions in liquidation of a partner’s interest
- Applicable code sections
- NEW codes in Form 1065, Schedule K-1, Line 19
- Structure, filing requirements, and data requirements of the NEW Form 7217 (2024)
- Section 751 and its impact on property distributions from a partnership
- New Form 7217 (2024): Detailed filled-in example
Who should attend: CPAs and members in industry seeking an in-depth review of partnership property distributions.
Program Level: Intermediate
Developed By: Federal Tax Workshops, Inc
Instructor: Steven C. Dilley, CPA, JD, PhD
CPE Credit: 1
Field of Study: Taxes
Prerequisites: Basic working knowledge of individual and business taxation.
Advanced Preparation: None
Qualifies for IRS PTIN Credit
Course Content
Steven C. Dilley, CPA, JD, PhD
Steve is President of Federal Tax Workshops, Inc., where for over 40 years, he has developed and presented continuing education seminars and webinars on tax, accounting and ethics topics for accountants and attorneys throughout the country. He is nationally known for his knowledge of the financial, accounting, and tax problems of the closely held business and has published numerous articles on these topics.
In addition, Steve is a Professor Emeritus of Accounting at Michigan State University, East Lansing, where he taught tax accounting. He has been received the “Distinguished Achievement in Accounting Education Award” in Michigan, as well as the MSU Accounting and Information Systems Department Outstanding Teacher Award.
Course materials are only available to students enrolled in the course