Because a liquid asset is different from a liability. And the transactions have different tax, legal, and accounting outcomes. At the simplest level, you can b

Because a liquid asset is different from a liability. And the transactions have different tax, legal, and accounting outcomes. At the simplest level, you can buy things and services with the $100k cash in Scenario 2 at the start of the year as soon as the investment is made. You don't have that cash in Scenario 1.