I don't believe the person the client purchased the property from qualifies as a "predecessor".   If that was the case, then used property would never qualify for bonus depreciation because there would always be a predecessor.        

To take the $200k loss there must be basis, either scenario gives the client basis.  So six of one, half a dozen of the other for which way to create the basis.     Does the client expect the corporation to pay back the $400k when profits allow?