New IRS repair regulation that went into effect 1/1/2012 - General Asset Accounts

I was recently asked by my tax department if Peoplesoft 9.0 has the ability to meet the requirements of the "asset repair" regulations.  See IRC Sec 168(I)(4) for specifics.

Business Example:  asset called "Building" requires maintenance/window replacement ... Tax needs to be able to account for the old window being retired and the new window being added for the asset called "building" on the financial books.

We are looking for a way to group assets so that they are depreciated as a single asset for tax purposes but can be retired and adjusted individually.

Just wondering what other companies are doing to satify the IRS repair regulations which have been around for awhile but not widely used until now.