This was originally played at the end of the day. Note that there are EIGHTH notes in measures 3 and 4. These are often played as a dotted eighth and a sixteenth note, this is NOT correct. Taps is played to indicate lights out and in bed.
Taps has now taken on importance when it's played at funerals. By law, all veterans are entitled to a bugler at their funerals, except there is a lack of buglers so congress now allows a TAPED bugler. If you would like to volunteer to play taps for a veteran see the Bugles Across America Website. When your good at your bugle playing, you can wear your uniform and play at a funeral for one of American's veterans!
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Reference: Music and Bugling Merit Badge Book from the Boy Scouts of America