I read the Bullets differently than you did:

The two outer bullets are included.

The inner bullets under bullet 1 are the exclusions.

Otherwise, the line with Roofs and HVAC would be an indented, secondary level bullet with the other Exclusions.

The previous person didn't do it wrong in 2005; there were different regulations in force then.

"This break historically allowed a shortened recovery period of 15 years for property that qualified. Before the TCJA, the break was available for qualified leasehold-improvement, restaurant and retail-improvement property. Again, the TCJA expanded the definition to “qualified improvement property.” But, due to a drafting error, no recovery period was given to such property, so it defaults to 39-year property."

Read this: "Finally, all that changed with the passage of the CARES Act. QIP is now classified as 15-year property. This change is implemented retroactively for property placed in service after December 31, 2018, generally impacting tax years beginning in 2018 and also affecting a number of related elections."

https://www.wegnercpas.com/depreciation-breaks-commercial-real-estate/

And the CARES correction:

https://badermartin.com/made-an-investment-in-qualified-improvement-property-the-cares-act-changes-t...