Rick19744, this has been very helpful, thank you. At the very least I have a direction to follow to reexamine certain issues.

I thought I read that K1's were reported for any income,the pass through taxes were for any income at all. Am I mistaken?

2 shareholders, myself and my business partner. We each own 50%. I work for the corporation but the company is essentially folding up, though not in the legal s...