Reminders

Form 7217. Beginning in tax year 2024, partners who received property distributions from the partnership must file with their annual tax return a separate Form 7217, Partner’s Report of Property Distributed by a Partnership, for each date during the tax year on which they actually (and not constructively) received properties subject to section 732. Don’t file Form 7217 if the distribution consisted only of money or marketable securities treated as money. Also, don’t file Form 7217 for payments to you for services other than in your capacity as a partner under section 707(a)(1) or for transfers that are treated as disguised sales under section 707(a)(2)(B). The partnership will provide information. See Code C under Box 19, later. Also see Form 7217 and its instructions.