Thanks, @Rick19744. I appreciate the quick reply and all of the clarifying information. I have not included the final distribution in my basis calculations. I went back through my basis calculation spreadsheet and found that the gain matches the amount of business interest limitation that was in a prior-year K-1. My understanding is that the limitation reduces my basis since it is a partnership and not an S-Corp. I hope I have this correct. There is no mention of Section 751 gains in the K-1. Nor is there a code AB listed under box 20 where I would expect it to be.
@nexchap- I do have suspended losses from last year, so it is important that I free those up. Thanks for the pointing out the distinction.
