Perfect.
Technically the partnership / LLC has liquidated and the deemed transaction is that all assets and liabilities were transferred to the corporation (which elected S status) in exchange for the stock of the corporation. The LLC then distributed the stock to the members in liquidation of the partnership / LLC.
The best avenue in TT is to say that you "sold" your interest. There will be a set of questions and here you will use your tax basis as both the basis and selling price which will reflect the transaction, but not generate any gain or loss; as there should not be any recognized gain or loss on this conversion.
Now, having said that, there is a trap for the unwary. If any member used debt in the past to take a loss on their personal tax return there is potential for at-risk recapture. This is a complicated area and if a member has this scenario, I recommend you consult with a tax professional.
Finally, your stock basis in the S corporation is the same as your basis was in the LLC.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
