You appear to be assuming that "investment at risk" and "basis" mean the same thing. They are different.
The quote you included only discusses basis. It doesn't mention "investment at risk". And what it says about basis matches my previous answer: you don't have to declare distributions as capital gains until your basis goes below 0.
But "investment at risk" is different. Its literally referring to your investment: the amount you put into the partnership yourself. You didn't actually invest any of that "nonrecourse debt" money, and you're not liable for it. So it doesn't count as "investment". Your "investment" is what Section L is tracking. When it reaches 0, the partnership is telling you that it has returned (from a tax standpoint) every penny that you gave them. Some of it came back to you as actual distributions. Some of it came back as losses which are suspended until you sell (but when you sell, you'll get to put them on your taxes offsetting other income). So from a tax standpoint, you don't have anything "at risk". If the partnership disappeared tomorrow, you've already gotten all your money out.
I hope that makes it clearer.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
