Your facts are not the same. In your facts, the auto is owned by the S corporation and not an individual.
The S corporation will be making a liquidating distribution of the vehicle; and possibly cash, etc.
Any liquidating distributions will not be reflected on the final K-1(s). Liquidating distributions need to be reported on form 1099-DIV.
As was noted by @Mike9241 , the liquidating distribution of the vehicle will be as if it was sold at FMV, gain reported at the S corp level which most likely will all be Section 1245 recapture.
Your basis in the vehicle is now the FMV as reported on form 1099-DIV.
You will then need to update your basis in the S corporation and determine your overall gain or loss on this investment. This will be reported on your individual tax return.
*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.
