IRC Section 754 Elections & Form 7217

2 IRS CE/CTEC/NASBA CPE*

This Program will provide a practical, transaction-driven framework for
understanding the §754 election and the related §743(b) and §734(b) basis
adjustment regimes that can align (or further differentiate) partner-level and
partnership-level tax attributes. Participants will learn how a partnership-
level §754 election causes the partnership to apply §743(b) adjustments for
transfers of partnership interest and §734(b) adjustments for certain
property distributions. The course will address when adjustments may be
mandatory even without an election, including transfers involving a
substantial built-in loss and distributions producing a substantial basis
reduction. Participants will go over the IRS recently introduced Form 7217,
the partner-level attachment used to report the tax basis of property (not
cash) received in a nonliquidating or liquidating distribution under §732,
including the computation and allocation of any §732 basis adjustments.

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*Self-Study recording available for IRS CE Credit only (NO CPE)

NASBA Field of Study: Taxes

IRS Program #: 7Q3WU-T-00982-26
CTEC Course #: 6248-CE-00338