There's no such thing for a corporation. This is a partnership item.

The corporation received a K1 from the partnership 

Oh. A 754 basis adjustment is a tax basis Balance Sheet Item. It does not affect  the rental real estate income (but an associated depreciation adjustment will)

It’s actually an adjustment to additional depreciation but I don’t see where reported in the procconect. 

Where you enter the K-1 is there a place for additional deduction/loss?

No, I dont see any additional deduction section in the Schedule K-1 input.

Then reduce the net rental income by the 754 depreciation and enter that amount. Maybe attach a statement

Net rental income XXXX 

754 Depreciation  -YYY

I think i would do that tank you.