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Furniture and fixtures, equipment and leasehold improvements are stated at cost. Depreciation of furniture and fixtures and equipment is computed using the straight-line method over estimated useful lives that range from two to ten years. Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the term of the related leases.
Currently, commercial building owners must depreciate fire sprinkler retrofits over a period of 39 years and residential building owners over 27 Â½ years. The FSIA reclassifies fire sprinkler retrofits as 15-year depreciable property, allowing businesses to receive tax benefits more quickly. The original legislation was introduced in 2004 following the tragic nightclub fire in West Warwick, RI that claimed 100 lives.