MLP Reporting

It is so hard to get information on how to report MLP on a K-1, it seems someone would write a simple article on it.

  

From what I understand you cannot report losses from the K-1 until you sell the MLP.  I have an MLP and for Box 11C it has ($104) and for Box 11F is has $797. 

 

My question is can I use the $104 loss and any other losses on the K-1 to offset the $797 or do all those losses just go to the basis?