Let me ask a couple of questions:
1) What is showing up as distributions on each respective K-1?
2) What is reflected on Sch M-2 column (a) line 7?
3) Is Sch M-1 column (a) line 8 still positive?
4) If question 3 response is "yes" what is the amount on line 8?
5) Adjustment to shareholder equity on line 25 is not the line that needs to be adjusted here.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
