No. You would not use interest income and long term gain as ordinary gain. These are completely different in how they are treated for tax reporting purposes. Usually any gain from the sale of investment property is treated as "investment" gain. However, in some cases, part or all of the gain may be treated as "ordinary" gain.
In your instance, the sale of the land may be a ordinary gain or a capital gain depending on the nature of the sale. Your documents you received should disclose the nature of the sale.
Ordinary gains receive slightly different tax treatment than investment gains. Review the documents you received with your Schedule K-1 for information about how much of the gain is "ordinary", if any. If there is no ordinary gain to report, then leave that section blank because you have no information to report in that section. Leave out the 1250 gain as well if it isn't disclosed in the documents.
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