I would report the one or the other to avoid duplicate income provided that the 1099B and K-1 information is the same, otherwise you will be reporting duplicate income. If the IRS questions you why you did not submit either the K-1 or 1099B, you can explain that both the K-1 and 1099B are reported for the same taxable event and if you reported both of these, it results in duplicate income.
I would suggest omitting the 1099B and report the k-1 since there is more relevant information contained on that form. Meanwhile, keep a copy of this post as this is a record of my advice to you to submit to the IRS in case if you are questioned on this. Make sure before you do this to double check if the K-1 information transfers to Schedule D thus reported properly as a sale of an interest.
Let us know if this works.
@spoede1026
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