you mention basis, and income but not distributions. there is also an issue as to why if the corp was always an S-Corp and you were always the only shareholder why basis would not be zero after taking distributions. in this situation, I would expect yo basis after current year income and distributions to be zero,
distributions do not affect the taxability of the income and the basis is only meaningful if you have losses or for some reason your tax base after income and distributions isn't zero,
