@dissolutionquestioner you need to know your tax basis in the partnership (the same rules for worthlessness as for corporations apply). your tax basis is what you put in plus all items of income and less all items of deductions and losses reported over the years less any distributions over the years. if the 2021 K-1 was done properly the ending capital shown in schedule L should be your tax basis because the IRS required that schedule to be reported on the tax basis. can't give you a guarantee they did this but if you do a manual calculation of your basis and it agrees with schedule L then you have some assurance you have the proper number.
