your math is bad or you made an error or left something out
cash = cash out to pay bank loan -150k
cash put in for stock 25k
cash net profit 162.5
net should be 37.5K
liabilities and equity loan 350K
stock 25K
net income 162.5
total $537.5
assets cash 37.5k
partnership 500k
total 537.5
oh by the way you're not done with the s-corp the partnership will likely issue the s-corp a k-1 which will have to be reflected on the return and to keep thinks logical reflected on the books
also, you'll need to track your tax basis. turbotax doesn't do it. the bank loan would not be part of your basis
so as of right now, I would say your tax basis is the $25K for the stock and the $162.5 of net income. the reason I say this is because should the partnership report a loss of $200K you can only use $187.5K when reporting on your 1040. also did you take a salary? not taking a salary when you perform services for the S-Corp can be a red flag for IRS audit.
