As a partner in a partnership, you should be tracking your basis in this investment. This begins with your capital contribution and is adjusted each year by the applicable lines on the K-1.
Once you receive your final K-1, you will adjust your basis. Only when you have done this will you be able to determine your final gain or loss.
If your liquidating distribution exceeds your basis, causing a "negative" basis, you will have a gain to the extent of this negative amount (essentially putting you to zero). If you still have basis after subtracting your liquidating distribution, then you will have a capital loss to the extent of your remaining basis.
See the attached IRS commentary on adjusting your basis:
https://www.irs.gov/instructions/i1065sk1/ch01.html
*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.
