You are welcome. As you can see, this is not something where you want to be penny wise pound foolish.
@ylau110 I edited my previous response as the liquidating distribution of the property FMV will be reported on form 1099-DIV not the K-1; cash in box 9 and noncash in box 10.
*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.
