Here is how the transactions occurred, at least to the best of my knowledge as this estate was very complicated with multiple beneficiaries who each received specific assets.

My client was originally under the impression they inherited 28 gas wells. As we have recently found out, what they actually inherited was a partnership interest in 28 companies that each owned a separate gas well. The percentage of ownership for each partnership was 3% or less. My client and another beneficiary received these partnership interests 50/50. These partnerships were under contract to sell their assets prior to the date of death. The sale was not completed until after the date of death. The partnership interests were maintained by the Trust Company (a separate company was hired to ensure the will was executed properly and that all amounts were properly dispersed). Upon the partnerships selling their assets, the proceeds from the sale were distributed to the beneficiaries. 

I know there is an option when inheriting a partnership interest for a step-up of the outside basis (the partnership must elect to step-up the inside basis, which these partnerships did no). My thought has been if my client inherited the partnership interest, the partnership sold the assets, and distributed the funds, there should be a way (hopefully) for my client to take a deduction for their partnership interest which they are still holding, possibly as a capital loss. At least this is what my research has hinted at, but I can't find anything that is clear cut on this matter.

I hope this cleared up my original post. This whole thing has been confusing as the information my client originally provided has proven to be somewhat inaccurate.