Under IRS regulations, disproportionate S Corp distributions are viewed as having a second class of stock. One of the requirements of an S corporation is that it only can have one class of stock. This, a disproportionate distribution can void your S corporation election, and potentially put you as a C corporation taxed at a corporate rate.
The corporation has been an S-corp since inception, so dividend distribution do not apply.
Not that familiar with S_Corps as I am with partnerships. The fact you have an s-Corp didn't 'Click' until the word "corporation" in your followup comment. But from what I read in various documents on irs.gov, shareholders in an S-Corp are required to take minimum distributions each year, if the corp has a profit. Don't know if this document will help or not (Until someone more knowledgeable that me on S-Corps answers), but here ya go.
<a rel="nofollow" target="_blank" href="http://www.staleylaw.com/images/S_corp_Distribs_-_Make_Fix_-_15383.pdf">http://www.staleylaw.com/images/S_corp_Distribs_-_Make_Fix_-_15383.pdf</a>
When the S-corp return was completed, the ownership % should have been taken into consideration for the K-1 forms that were issued. So if you have 2 K-1 forms, one for each of you, then the appropriate % should be listed. If the % is wrong you need to get the K-1 forms fixed.
Are you one of the shareholders, or rather a tax preparer?
Under IRS regulations, disproportionate S Corp distributions are viewed as having a second class of stock. One of the requirements of an S corporation is that it only can have one class of stock. This, a disproportionate distribution can void your S corporation election, and potentially put you as a C corporation taxed at a corporate rate.