Section 731(a)(1) provides that, in the case of a distribution by a partnership to a partner, gain is not recognized to the partner except to the extent that any money distributed exceeds the adjusted basis of the partner's interest in the partnership immediately before the distribution.
See for reference - http://www4.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00000731----000-.html
So far - there is no taxable income on the distribution in your situation.
Section 732(b) provides that the basis of property (other than money) distributed by a partnership to a partner in liquidation of the partner's interest shall be an amount equal to the adjusted basis of the partner's interest in the partnership, reduced by any money distributed in the same transaction.
See for reference - http://www4.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00000732----000-.html
So your basis in the lots is $534,000
Let me know if you need any help.