Taxes on rental home sale

We sold a rental home for 535K and did 1031 exchange for a house at lesser value due to one member of LLC electing not to be part of new house purchase 315K. The sale occurred 12/23. Last April each of us received a k-1 for share of what I assume is the capital gains difference in the lesser price purchased. This year the member who chose not to be in 1031 got a K-1 for the Boot money that was received. Am I understanding correctly that the first K-1 was for the capital gains and that the K-1 that member recently received would be from the payment he received?

Thanks

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