It certainly does appear someone has to determine where and/or how things have gone sideways for Rental Income. The property had a deeded owner. The S Corp doesn't make Rental Income on property it doesn't own, unless it is subleasing from a landlord to a tenant. A person owning shares of an S Corp, and owning Property, does not have property in an S Corp. The S corp is its own entity.

Before wrapping up 2021, someone should review these prior few years, perhaps back to the point of the transfer to the trust. Because personal real property transferred to a trust has nothing to do with an S Corp, so that property isn't also available for the S corp to rent and make income from.

If that is what you see.