Form 7217

You need to meet with a tax professional as there are too many questions that require understanding the specific facts of the transaction:

• "I am part of a firm" - be prepared to provide guidance on the entity type
  • If the entity type is a pass-through entity, you will need to know your tax basis in the investment
• "Recapitalization" - What exactly does this mean?
  • This typically means adjustments between equity and debt
  • Your transaction, albeit limited facts, doesn't sound like a recapitalization 
• Being "owned by Private Equity" means your firm was a portfolio company of the PE.
  • Indicating taking out part of the "gain" in cash seems to mean there was a part sale
  • Based on the limited facts, you indicate "rolled over to the new PE".
  • Once again, there appears to be some type of a sale transaction of your firm 
• This needs a lot more detail and a forum such as this is certainly not conducive to addressing a transaction of this nature.....just too many questions.  
• Having said all of the above, with only the limited facts, I would venture to say you most likely need to complete form 7217 with the help of a tax professional.