what you say is possible. those suspended losses 9or at least those allocated to this venture) are allowed which reduce your ordinary income taxed at your highest bracket while 1231 gain (no 1250 portion?) is taxed as capital gain max rate 20% or your tax bracket whichever is lower while any 1250 portion gets taxed at the lower of 25% or your tax bracket.
so if you are in a higher tax bracket those ordinary losses reduce your taxes more than the gain increases them.
there would be worksheets where you can see your tax computation - capital gain and qualified dividend. depending on the version you are using you may have to pay first to view the forms.
a lot depends on whether you have any other capital gains or losses.
