TaxGuyBill
Level 15

The same thing applies to a S-corporation.  Different asset may have gain, loss, depreciation recapture, 1231 gain/loss that each needs to be reported separately.  Grouping them may result in the wrong results going to the K-1.

Yes, the sales price needs to be allocated.  If the agreement does not state such an allocation, you must allocate it based on the Fair Market Value of each item.