Any presentation that gets you the correct tax answer works. Assuming no non-deductible expenses or capital losses, either of your proposals will result in the same net result.

Because I'd have to do an Excel schedule of the basis limitation for each separately-stated item anyhow, my personal preference would be to lean towards your first choice, and attach the Excel to the tax return (e-file, client copy, your copy) so that in case there's ever a question, it's obvious how you arrived at the presentation you used.