Final K-1 Capital Loss

[K1QA]

Unfortunately, the LLC business that I started with my LLC partners has failed from the impact of COVID and for other reasons during 2020.  Everyone is sad about the situation but supportive and wants to represent a loss for individual 2020 tax filings.  The LLC was started 5 years ago whereby each partner has invested between $50k-$150k as well as a few short-term loans to keep the business afloat. We are trying to create a Final K-1 to show a Long term capital loss on the Form 1065 K-1.  We want to keep it very simple and we have the final accounting for each partner of capital invested, capital returned, and the final write-off amount of capital not being returned. Example: Partner one invested $100,000, was returned $50,000, but we need to show a final loss for Partner 1’s tax return. 

Please advise where we fill this out on the Final K-1? 

[sjrcpa]

It doesn't work the way you think. 

You've probably all used up your basis already.

You should probably seek a tax professional to prepare this return.