Business & farm

No.  It is not that simple.  The $55,000 you are referring to is your share of the "inside basis" of this asset.  You also need to determine your "outside basis" or also known as your tax basis.  It was not clear before that you were one of the selling members so some of what was discussed previously is not applicable.

You need to determine your tax basis as noted above.  Once you adjust this for the final K-1 impact you will be able to determine your gain or loss; "yes" you will have a gain or loss since you are one of the selling members.

The liabilities do have a part in this, however, in most cases it only reflects as an addition to basis and then a subtraction netting to zero.  

Once you have determined your updated tax basis you will then subtract your liquidating distribution.  If you still have basis remaining after this liquidating distribution this remaining amount will be a capital loss (potentially).  If the liquidating distribution causes your basis to go negative, you will have capital gain to the extent of this negative amount (essentially getting your basis back to zero).

Finally you need to know your share of hot assets which includes depreciation recapture.  The entity will need to tell you this.  At this point you may have to pick up some ordinary income and have a larger capital loss.  This is the part that gets complicated so you may want to discuss this with a tax professional.
*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.