Your long-term capital gain/loss would be the sales price - what you were paid less your tax basis in the stock.
if this is a privately held company - no 1099-B issued - you would indicate total disposal of the stock
and use the sales section of the k-1 worksheet to report proceeds and cost (certain portions must be completed so the k-1 is dropped from the 2024 return and if you have suspended losses they are now allowed. This flows to form 8949/schedule D as a sale where neither sales price nor tax basis is reported to the iRS ( type F)
if you get a 1099-B the only difference is that in the sales section of the k-1 you enter 0 for cost and sales price
and instead report it in the investment section - sales of stocks ................ entering it here, would indicate that sales proceeds and perhaps cost (depending on the type - D both reported to IRS - E only proceeds reported. reporting on the k-1 when you get a 1099-B will likely result in an IRS notice because they were notified of the proceeds but the 8949/scheule B would indicate they weren't and thus a mismatch. cords say the
