TP was advised to set up a corp with S-election with another shareholder for 2 rental properties (each owned one property), one contributed a property deeded in S-corp name, the other encountered difficulties and was unable to change deed from his personal name.  Payroll was done for both shareholders.  Should only the correctly deeded property income and expense be reported on 1120-S?  For property still deeded to shareholder's personal name:  Should 50% of property income and expense be reported on each shareholder's 1040 Sch E, or 100% reported on the 1040 Sch E of the shareholder to which the property is deeded?