the info you provided is not clear. so if
basis BOY $15K
ordinary income after salary $50K
basis now $65 K
distributions $35K
basis now $30K
179 deduction $15K
basis end of year $15K
based on this distributions up to $50K would reduce basis to zero and be tax free
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on the other hand if the $15K basis includes the $50K income (this could imply negative basis at the end of the prior year, unless in the current year you put additional money into the corp, which presents its own problems as basis should never be negative) but not the $15K 179
distributions of up to $15K would be tax free reducing basis to zero (distrubtions reduce basis before the 179 deduction under the Code's ordering rules)
if you in fact distributed $35K in the current tax year you have $20K of capital gain
the $15K 179 loss would not be allowred as a current year tax deduction due to no basis so would be a carryforward to use against future income
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use the IRS form 7203 (you'll need to submit it when you file your 1040) to compute your basis. read the instructions for the applicable lines.
https://www.irs.gov/site-index-search?search=7203&field_pup_historical_1=1&field_pup_historical=1
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also note that if this is for 2022 but the distributipns occurred in 2023 they have no effect on your 2022 basis. they'll be taken into account when doing your 2023 returns.
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if you did not take a salary for the year that would present a tax issue that could be raised by the iRS separate and apart from the basis issues.
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distributions are not reported on for 1099-DIV only on the k-1
the exception would be if it was once a C-Corporation with accumulated profits and those were being distributed.
