S Corp SH Kept Assets after Asset Sale

[David]

S Corp SH had an asset sale in 2015 and took a truck and some other small items. He took sec. 179 deduction for the truck (up to $25K) and all other assets.

I want to confirm that there will be a book vs. tax difference regarding the gain from sale of assets. This is because the truck and other assets transferred to him will show a gain for tax purposes since the assets will be reported as sold at fmv. Books will show a loss since no sale actually took place.

Regarding reporting transferred assets to a SH as though they were sold at fmv - do all of you report that? Or do you transfer assets at no sale price?

Thanks.