here is what the tax laws say
Code C. Other property. Code C shows the partnership's adjusted basis of property other than money immediately before the property was distributed to you.
If you received the property in the liquidation of your interest, your basis in the distributed property is equal to the adjusted basis of your partnership interest reduced by any cash distributed in the same transaction
in other words before the withdrawals and distributions, you had a basis of X. the amount shown in withdrawals and distributions consisted of property and cash and was equal to the basis before the distributions.
so reduce your tax basis by the amount of property distribution. that should leave a basis equal to the cash you got - so no gain/loss
you now have a basis in the other property. don't have a clue as to what it is - only the partnership can answer that unless it provided details. when that other property is sold you will have another gain or loss depending on sales price vs your basis.
these are the complete k-1 instructions for 19C summarized above for your situation
Code C. Other property. Code C shows the partnership's adjusted basis of property other than money immediately before the property was distributed to you. In addition, the partnership should report the adjusted basis and FMV of each property distributed. Decrease the adjusted basis of your interest in the partnership by the amount of your basis in the distributed property. Your basis in the distributed property (other than in liquidation of your interest) is the smaller of:
• The partnership's adjusted basis immediately before the distribution, or
• The adjusted basis of your partnership interest reduced by any cash distributed in the same transaction.
If you received the property in liquidation of your interest, your basis in the distributed property is equal to the adjusted basis of
your partnership interest reduced by any cash distributed in the same transaction. If you receive cash or property in exchange for any part of a partnership interest, the amount of the distribution attributable to your share of the partnership's unrealized receivable or inventory items
results in ordinary income (see Regulations section 1.751-1(a) and Sale or Exchange of
Partnership Interest, (not included)
