I use TT Business for the S-Corp, and TT personal for my individual Return. I am 100% owner of the S-corp. S-Corp had a piece of equipment destroyed in a casualty. Insurance proceeds make it a gain on the casualty. But the S-corp took the proceeds to buy a replacement item, following 1031 like kind exchange rules. How does the S-corp defer the gain? TT Business seems to report the gain to me on my K-1. Should S-Corp fill in form 8824 instead? Or does the shareholder (me) need to use 8824 to defer the gain from the K-1?
