Form 7203 is used to track your cost basis in your LLC (S-Corp). The "Stock Block" line is used to identify each batch of stock reported on Form 7203. The description is not important to the IRS, so use something that is useful to you - number of shares, date of purchase, etc.
In most cases, you would either be the Original Shareholder or purchased your stock ownership. Stock Basis at the beginning of the year would be the total amount of contributions (investments) you made to the company in prior years.
For additional info, see TurboTax FAQ When should I file Form 7203?.
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