Do I need to include the gross receipts for section 448(c) from my K-1 on my return?

The amounts for gross receipts for section 448(c) on your K-1 (or on a statement supplied with your K-1) are usually just informational. These amounts are only relevant to your return when you don't meet the small business exemption for Limitation on Business Interest Expense Under Section 163(j), which is uncommon.

See the Form 8990 Instructions   for more details.