Our club has had a nice run, but we've decided we no longer
have the time or present interest to continue as we
should...thus we're dissolving the club. I understand the
options for distributing the "wealth," either selling
everything and distributing the cash or selling the losing
stocks and letting one or members hold on to the remaining
stocks to delay realization of gains.

What I don't understand is how any gains (let's assume we
decide to sell all and distrubute cash) will show up on the
K-1's. When we've had a member withdraw in the past, no
loss or gain showed up on their year end K-1, it was all
distributed amongst the remaining members. Will this be
different since ALL members will essentially be withdrawing
and we'll be checking the "final return" box?

Slightly confused....

<<
When we've had a member withdraw in the past, no loss or gain showed up
on their year end K-1, it was all distributed amongst the remaining
members.
>>

No, it wasn't 'distributed among the remaining members'. When a member
withdraws, he/she has two elements of income/loss to report. First of
all the allocable share of dividends, interest, capital gains, etc for
the year is reported on the k-1. Secondly, the partner will have gain or
loss on disposal of the partnership interest, which should be reported
on Sch D of the 1040. The detail of this gain/loss does not appear on
the k-1, but can be found on the withdrawal report in bivio.

rip