A {\it separated graph} is a pair consisting of a directed graph and a set , where each is a partition of the set of edges whose terminal vertex is . Given a separated graph , such that all the sets are finite, the K-theory of the graph C*-algebra is known to be determined by the kernel and the cokernel of a certain map, denoted by , from to . In this paper, we compute the K-theory of the {\it tame} graph C*-algebra associated to , which has been recently introduced by the authors. Letting denote the natural surjective homomorphism from onto , we show that is a group isomorphism, and that is a split monomorphism, whose cokernel is a torsion-free abelian group. We also prove that this cokernel is a free abelian group when the graph is finite, and determine its generators in terms of a sequence of separated graphs naturally attached to . On the way to showing our main results, we obtain an explicit description of a connecting map arising in a six-term exact sequence computing the K-theory of an amalgamated free product, and we also exhibit an explicit isomorphism between and .

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