No that's not ok. Yes the Box 1f adjustment should zero out your Gain/Loss and flip that amount to your Schedule B to be reported as ordinary income.
Posted response elsewhere to ask if you are using "one by one" for these items, or sales summary adjustments; suggest using one by one for these (and the rest of your 1099-B can go in as a sales summary with no adjustments then you won't need to mail anything to IRS)
