I think a few more details are in order:
- Exactly what assets have been depreciated?
- 100% business assets owned by the S corporation?
- What is or has happened to the assets noted in your facts?
- Sold?
- Distributed to you as the shareholder in a liquidating distribution?
- Keep in mind that a liquidating distribution of an S corporation is not reflected on the final K-1, but is reflected on a 1099-DIV boxes 9 and 10 as appropriate.
*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.
