Owner's Equity = Shareholders Equity on S-Corp, correct?

[AZ-Tax]

S-Corp client entered into books, personal cash (refers to it as Owners Equity) for his single member LLC/S-Corp. He tells me his "cash" he invested in his business for which he purchased assets like office furniture. He believes he should be able to deduct both his owners equity (cash) and the asset the cash purchased. Isn't this "double dipping"?

Is Owners Equity the same as Shareholder Equity?

[Uncle Sam]

Owner's Equity

The money he put INTO the business is his investment in the corporation.
He doesn't get to deduct that until he dissolves the corporation.

The corporation is able to deduct the amount spent on furniture.

You're correct - that is douple dipping.