You need to make sure you understand how partnership tax works.
As a partner / member in an entity taxed as a partnership, you need to maintain a basis schedule of your investment in the entity. I have attached a link that should get you started; see page 3.
https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf
Since the partnership is a flow through entity each partner is taxed on all income regardless of whether of not it is distributed out. As long as a partner has basis, any future distributions are not taxed at that time. Thus the avoidance of double tax.
*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.
