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Roy, thanks for the post. But this is straight from Pub.535, p.41:
Health Insurance deduction for the Self-Employed
You can deduct 45% of the amount paid during 1998 for medical insurance ... for yourself and your family, if you are one of the following.
1) A Self_employed individual.
2)...
3) A shareholder owning more than 2% of the outstanding stock of an S corporation.

So I don't see how it is different if you are selfemployed or an S corp.

Also, could you direct me to the IRS publication about when your plan is considered subsidized. Also, if my COBRA isn't subsidized (I am pretty sure about that), what supporting documentation I should have about it.
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