You need to be careful in determining your overall gain or loss using the K-1 tax basis.
I recommend you review Section L carefully; especially the "other increases / decreases line and the distributions / withdrawals line. Many times there is an amount that is used to zero out the capital account in one of these lines. Make sure you do not include this figure in the determination of the overall gain or loss.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
