Yes, electing to complete Schedules M-1 and M-2 will complete Schedule K-1 Section L for each partner. Note this is the "inside basis" of tax basis capital for the partner, which may not be the same for the partner's "outside" basis due to transactions and income/expense allocations that may be specific to that partner's investment in the partnership. The IRS provides a worksheet to assist in tracking basis (see link below).
Additional info:
IRS Form 1065 Schedule K-1 Basis Rules
IRS Worksheet for Adjusting the Basis of a Partner's Interest in the Partnership
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