A propos the next comment, here it needs to be specified that the "no gain or loss" is relative to the basis (i.e., you had all of your basis returned to you, not less than your basis (which would constitute a loss) or more than your basis (which would constitute a gain). The $50,000 presumably is given in one of the K-1 boxes for the different types of gain, which is how most people are thinking of gains. The way you stated it here strongly implies that zeroing out of the basis means that the $50,000 were "earned" in some tax-free way (which is what the next commenter was picking up on and correcting).
