Business & farm

I can understand what you are saying, but please bear with me if I give some simple  numbers as I can probably understand better.  

I have bare land, inherited basis a three years ago = $50000.

Incorporated into LLC, so K-1s are needed yearly.

Expenses every year of property taxes and $100 HOA fees.  The property taxes feed thru K-1 into my tax return...I have a spread sheet of HOA expenses each year, plus they go on K-1 as non- deductible expenses.  

 

So, if I sell this land, what is my 'basis' or 'cost' to put on the sale paper?  

I am confused with what I should have been putting into the K-1 on the lower left corner Part L as the partner's capital account analysis.  I appreciate your help!  it seems like it should be simple and I want to bring everything up to date on a spread sheet before I sell.