Regulation of the Day 132: Fire Sprinklers
The U.S. tax code stands at well over 100,000 pages. All but the hardiest of souls hire professionals to do their taxes for them. Cries for simplification grow every year.
How does Congress respond? By introducing legislation to “amend the Internal Revenue Code of 1986 to classify automatic fire sprinkler systems as 5-year property for purposes of depreciation.”