An S corporation's profit or loss is passed through to the shareholders for taxation on the shareholders' individual tax returns. As a 51% shareholder, 51% of the S corporation's net profit or loss would be passed through to the shareholder for reporting on the shareholder's tax return. The other 49% of net profit or loss would be split proportionately among the other shareholders; all 49% to the other shareholder if there is only one shareholder other than yourself.
Also, see this IRS web page regarding whether or not a shareholder would be considered an employee required to be paid wages. If a shareholder performs services for the S corporation, the shareholder would be an employee and would also receive a W-2 reporting wages: https://www.irs.gov/businesses/small-businesses-self-employed/s-corporation-employees-shareholders-a...
Since the other shareholder would be a silent partner, presumably you perform services for the S corporation and are required to be paid reasonable wages for those services.
