I have been doing accounting for 25 years, and have just encountered an entry I've never made before. I need to record a loss from a K-1 Form in corporate financial statements, and on tax returns. Help!

I have been doing accounting for 25 years, and have just encountered an entry I've never made before. I need to record a loss from a K-1 Form in corporate financial statements, and on tax returns. Help!
For financial reduce equity in entity by loss. For tax record as an ordianry loss.

Sounds right to me.