Tax Liability From Part Ownership Of A Corporation

[confusedperson]

I am about to start my own S Corp. My personal financial statement doesn't really exist since I am only a student, so we are using one of my partners personal financial statement to get financed with our business. They also asked for his tax return.

I am a 20% shareholder in the corporation, but I am not working for the corporation. Meaning I do not get a salary, I was wondering, if later on for whatever reason I needed to show a personal financial statement and a tax return, would I be allowed to show my income from the corporation? The income I get when I recieve my profits? Is this even considered income?

Thank you for your time in answering my question.

[Mr. Knowitall]

The dividends you receive from the corporation would presumably be declared on your tax return as just that. They would be subject to taxation, but should not be subject to FICA.