Monthly Archives December 2024

New Partnership Tax Basis Reporting Requirement for 2024

Albert Yang, CPA Tax Director   The IRS recently released draft Form 7217, Partner’s Report of Property Distributed by a Partnership, and related draft instructions. The purpose of Form 7217 is to report all distribution of property that a partner receives from a partnership. A partner receiving a distribution of property from a partnership in a non-liquidating or liquidating distribution will use the form to report the basis of the distributed property. Type of distribution where Form 7217 IS required: Distribution of property subject to section 732. Types of distributions where Form 7217 IS NOT required: Distributions of money (or
Read More

Categories: Industry News and Newsletter and Updates.