Thanks for clarifying everything. Your statement of "dormant" for 14 years was a real flag raiser for me. 🙂
are tools, equipment, supplies.
Generally, tools and equipment are assets. So they would be treated as capital contributions to the corp and depreciated appropriately.
Supplies, I assume are consumables. For example, Windex and spirits used for cleaning stuff.
Or maybe it's things used to build product with such as wood, nails, glue etc.?
Depending on what the supplies are, they might be treated as inventory, or as "supplies".
However, @M-MTax has better insight on this when dealing with an S-Corp, than I do. I've flagged him under hopes he'll jump in here with more accurate information for your specific situation. What I've seen is that when someone buys something for the S-Corp, the S-Corp reimburses them for the cost. But then, the S-Corp has to have the money to reimburse with first.
