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The U.S. Tax Code has undergone major, significant revisions of method and treatment of depreciation since it first began about 1919, and likely will continue to be revised in the future.<ref>Election year rhetoric about "closing loopholes" and "tax cuts for the rich", when applied, usually relates to affecting depreciation schedules and classification.</ref> Typically depreciable assets are classified as three year property, five year property, and ten year property; that is, assets with a three useful life (such as computers & furniture), five year useful (like automobiles) and ten year useful life (like buildings). This is commonly referred to as 10-5-3 Depreciation with schedules printed by the IRS showing how much of a capital investment could be deducted against income in a current year. In the early 1980s, Accelerated Depreciation<ref>ACRS, or Accelerated Cost Recovery System.</ref> was allowed for certain types of assets, later revised to Modified Accelerated Depreciation.<ref>MACRS, or Modified Accelerated Cost Recovery System, a tax increase.</ref> The Section 179 Deduction now allows for "expensing", or writing off the total amount of a capital investment (within limits) in the same year the investment is made or property acquired.
The U.S. Tax Code has undergone major, significant revisions of method and treatment of depreciation since it first began about 1919, and likely will continue to be revised in the future.<ref>Election year rhetoric about "closing loopholes" and "tax cuts for the rich", when applied, usually relates to affecting depreciation schedules and classification.</ref> Typically depreciable assets are classified as three year property, five year property, and ten year property; that is, assets with a three useful life (such as computers & furniture), five year useful (like automobiles) and ten year useful life (like buildings). This is commonly referred to as 10-5-3 Depreciation with schedules printed by the IRS showing how much of a capital investment could be deducted against income in a current year. In the early 1980s, Accelerated Depreciation<ref>ACRS, or Accelerated Cost Recovery System.</ref> was allowed for certain types of assets, later revised to Modified Accelerated Depreciation.<ref>MACRS, or Modified Accelerated Cost Recovery System, a tax increase.</ref> The Section 179 Deduction now allows for "expensing", or writing off the total amount of a capital investment (within limits) in the same year the investment is made or property acquired.
==Anecdotes==
Film actress Betty Grable, whose films grossed over $100 million, was the highest-paid [[Hollywood]] celebrity and most famous pin-up girl of GIs during World War II. Her employer, Twentieth Century Fox studios, insured her legs as a capital asset with Lloyds of London for $1,000,000, the premiums of which were a legitimate deductible business expense. [[Ronald Reagan]] at the same time was also paying the top personal [[income tax]] rate of 92% during the [[New Deal]]. As Reagan aged and his face wrinkled, his ability earn income diminished, but he was disallowed from depreciating the value of his primary capital asset - his face - against income. Reagan took up another career - politics - with a desire to reform an inherently flawed and unfair tax system.
==Physics==
==Physics==