Thank you Ron for a well explained answer (its a topic many have a hard time grasping), hope you don`t mind I would like to add a few thoughts`s that parallel yours.
I can personally attest to the Comm R/E depreciation tables being a joke. My Brother and I purchased 2 space metal garage building`s the "write off" (IRS mandated depreciation schedule) on the building is either 31.5 or 39 years, we took a 15 year note figuring we would rather put all the rent into paying the building off and we would manage and maintain the buildings for zero salary. So for first 15 years I make zero real dollars off those properties but on paper by the tax code after the allowed depreciation deduction I show a 10-15K dollar profit. So that profit flows through on paper to my personal tax return and i have to pay real dollars today (about 5K) in taxes even though in real dollars that property gave me nothing today. 15 years from now though I will be able to make about 15K a year seemingly free of tax due to depreciation on that property but in reality I just paid those taxes 15 years early.
That Rupes polisher would go under a depreciation schedule also and the computer and any other tool or equipment you use for for your business all have depreciation schedules and cant be "written off" (take the whole depreciation deduction for what you actually paid for them) in the same year you buy them unless you put them on your allowed section 179 schedule.
If I may answer for Ron on the question asked what is a loop hole in tax code that could be closed. How about tightening the what is a farm or is Farm land rules for paying taxes and property taxes. People with the means and the want to buy very large private compounds (very wealthy business people, Hollywood elites, sports stars, Senators........) will buy hundreds or thousands of acres of land convert a small part of it to farming (which is usually leased to someone to farm it on one far corner of the property) which is taxed at near zero dollars claim the land as a farm land so they pay near nothing in property taxes.
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