The first thing I am going to tell you is to find a tax CPA if you do not have one already and ask her/him to review your situation. This may be more complicated than you think and doing the wrong things can have consequences. Even though the S-corp and the LLC are both pass-through entities they are each freestanding individual entities with their own tax consequences.
NOTE: I AM NOT a CPA, only an experienced accountant, and free advice is worth exactly what you pay for it, BUT
On the surface what I see is that since the ONLY monetary transaction between the S-Corp and the LLC is the assumption of debt then that assumption of debt is the selling price. The S-corp takes a loss, essentially of their down payment plus principal paid and capital improvements and the LLC acquires the property for $211,000. Unless you can otherwise transfer purchase money into the S-corp from the LLC or S-corp shareholders to set a higher price then it is what it is.
You cannot transfer for more than the total of dollars and any other remuneration of goods/services than what actually happens.
Purchase/sale price is $211k , S-corp was all in at $370,000 that is a capital loss of $159,000. LLC has an acquired basis due to only assuming debt of $211,000 plus closing costs.
Good news is that since the S-corp is pass-through then this capital loss will be available on your 1040 for years to come against pass-through of the LLC. Bad news is you are limited to $3000/year against ordinary income so you are looking at 50+ years to recoup.
