@luckyaces09 wrote:
Just to be clear, ordinary business loss from the corporation can show up and produce a negative K-1, which can be used to offset W-2 income paid by the corporation to the same singular shareholder if the corporate loss is less than W-2 income?
Yes, and @Rick19744 and @Mike9241 will confirm (I believe) that you need to have sufficient basis in order to recognize the loss (hence, the reference to Form 7203 in their posts).
