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Suppose next year nothing happens in the corp and at the end of the year I still have the $5,000. Doesn't that show up as the 'ending balance' of my checking account, and hence on my Sch. K, and hence I pay another round of taxes on it?

No, no no NO NOOOO!!!! ;-)

The balance in the corp checking account has absolutely nothing to do with the distribution of income shown on the K-1.

The K-1 shows income minus expenses. Income: what you collect from your customers. Expenses: what you pay out to those providing goods and services to the corp (including the salary to you). The balance in the checking account doesn't enter into that equation.

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