Question about assets calculation for S-Corps (rental, insurance, credit card)

[crashtheparty]

Hi y'all,

I'm in the midst of an appeal/complaint and so I've been reading the available documentation very closely. I noticed this part (relevant section italicized):

"Net family assets DO NOT include the following:
IMPORTANT: The owner does not compute income from any assets in this paragraph.

1. Personal property (clothing, furniture, cars, wedding ring, other jewelry that is not held as an investment, vehicles specially equipped for persons with disabilities).
2. Interests in Indian trust land.
3. Term life insurance policies (i.e., where there is no cash value).
4. Equity in the cooperative unit in which the family lives.
5. Assets that are part of an active business. "Business" does NOT include rental of properties that are held as investments unless such properties are the applicant’s or tenant’s main occupation.

Example – Assets that are Part of an Active Business
• Laura and Lester Hines own a copier and courier service. None of the equipment that they use in their business is counted as an asset (e.g., the copiers, the FAX machines, the bicycles).
• Alice Washington rents out the home that she and her husband lived in for 42 years. This home is not an active business asset. Therefore, it is considered an asset and the owner must determine the annual income that Alice receives from it."

I am self employed and incorporated my business last year, so I now operate as an S Corp. My business checking/savings/credit card are all separate from my personal assets. I can't tell if this is saying all assets that are part of an active business are excluded (meaning it excludes checking and savings balances), or if it just means assets like in the examples of objects or property.

If anyone knows the answer to this I've be very appreciative! I qualify for the building I'm in process for either way, but it's a close shave if the business assets are counted and then much under the limit if they are not.

Thank you!