Andrew Gideon wrote:
Most owners, I assume, have corporations which do the actual owning and
which provide a liability firewall. But how are taxes managed?

I just used the regular depreciation schedules. At the time you
actually dispose of the item, if there is any value above what
it's been depreciated to, then you have to recapture it. If it's
worth less than the depreciation taken, you just take that as a loss.