Forms 7217 & 7203 Webcast [F722]
Time: 09:00am-11:00am
Subject:
TaxationCredit Hours:
2.00Price:
Member: $125.00
Non-member: $155.00
Discussion Leader:
Joseph Nicola, CPA
more info
Joe Nicola is a Tax Partner with more than thirty-five years of experience in public accounting. Joe has experience in many diverse areas of taxation, including the taxation of and planning for individuals, family offices, and various forms of business entities, such as corporations, partnerships, and limited liability companies. Joe is particularly experienced in federal and multi-state tax matters that affect numerous industries and niches, including private equity, investments, natural resources, manufacturing, distribution, high technology, securities, and start-up businesses. He has consulted on technically complex matters, such as retirement planning, succession planning in the context of a family office, securities, partnership and corporate reorganizations and liquidations, and international tax matters. While in public practice, Joe also served for many years as an adjunct member of the faculty with Duquesne University's MBA and Master of Science in Taxation/Accountancy programs, as well as with Robert Morris University's Master of Taxation program. His course load included Corporate Taxation, Advanced Corporate Taxation, Reorganizations (Mergers and Acquisitions), Taxes as a Basis of Managerial Decisions, and Taxation of Derivatives. He is also a published author of CPE/CLE texts and industry articles, and a frequent professional speaker. Mr. Nicola received his BS degree in Business Administration from Robert Morris University and his JD degree from the University of Pittsburgh School of Law.
closeWebsite registration for this course closes on November 22, 2026. To register after this date please contact the society at akcpa@ak.net or 907-562-4334.
Full Description
Forms 7217 & 7203 Webcast (F722)November 23rd, 2026 / 9:00 am 11:00 am Alaska Time
Live Webcast / Washington Society of CPAs Virtual Classroom
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. Form 7217 is filed by any partner receiving a distribution of property from a partnership to report the basis of the distributed property, including any basis adjustment to such property as required by Section 732(a)(2) or (b). This new IRS form is part of the IRSs general concern regarding basis shifting in favor of high marginal tax rate related partners. Form 7217 is now required and details the types of property distributed, the aggregate basis, and the allocation of basis to the distributed property. Form 7203 is designed to assist in tracking an S corporation shareholders stock and debt basis. Form 7203 is a significant improvement from the worksheets the IRS provided formerly and over time will serve to help partners and partnerships keep track of their stock and debt basis. The course covers the structure and organization of Form 7203 as well as how an S corporation shareholders stock and debt basis are calculated.
Major Topics:
-Tax treatment of partnership distributions to partners of cash and property other than cash
-Basis of property received in a partnership distribution
-Executive Order 14219 withdrawing the IRSs new regulations regarding basis shifting
-Organization and structure of the new Form 7217
-Who must file Form 7203
-Determining the S corporation shareholders 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 shareholders share of S corporation deductions and credits
-Understanding stock and debt basis
Learning Objectives:
-Understand the latest regarding distributions of property from partnerships
-Understand shareholders stock and debt basis
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
CPE Credits: 2, Taxation
Level of Knowledge: Basic
Prerequisite: None.
Acronym: F722
Discussion Leader: Joseph Nicola, CPA
