@chiefs19 Its a confusing subject, which is why this thread has grown so long over the years. But take another look at the original answer: I think it gets to all your questions. For example, it says to enter '0' for sales proceeds, the Ordinary Gain from the K-1 (column 7 for regular, and column 7 + column 8 for AMT), and then the inverse of those numbers for the basis. That's it for the K-1 part of the sales process: you're basically just reporting the Ordinary Gain in that part, and this convoluted way of doing it is what's required.
For the second part of your question, calculating the capital gain/loss, the K-1 Sales Schedule has all the numbers except the "Sales Proceeds". That comes from the broker.
[Sales Proceeds] - [Cost Basis] = Total Gain
[Total Gain] - [Ordinary Income] = Capital Gain
Modify your 1099-B to report this Capital Gain.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
