I need you to clarify the charachter of the transaction.
You state first that you had a 1/350th undivided interest in the private equity golf facility; but then you say you sold a membership.
Which is it? did you own a share or was it a membership.
How can you tell the difference. A share would result in your sharing in profits, losses, of the business or being paid dividends, etc.
Tell me more about the relatinship and the shares?
Since these operate as privately held shares and are negotiable, then there can be a capitall gain or loss.
use schedule D to determine capital gains and losses.
You can not take a marke value decline as a loss.
You realize the gain or loss based ont he capital gains formula at the time you sell your share.