701—500.3(422) Retention of records.
	500.3(1) Every corporation subject to the tax imposed by Iowa Code section 422.33 (whether or not the corporation incurs liability for the tax) shall retain its books and records as required by Section 6001 of the Internal Revenue Code and Treasury Regulation Section 1.6001-1(e) including the federal schedules required by 701—subrule 501.3(3). For taxpayers using an electronic data interchange process or technology also see 701—subrule 11.4(4).
	500.3(2) In addition, records relating to the computation of the Iowa apportionment factor, allocable income, other deductions or additions to federal taxable income and Iowa tax credits shall be retained so long as the contents may be material in the administration of the Iowa Code under the statutes of limitation for audit specified in Iowa Code section 422.25.
This rule is intended to implement Iowa Code sections 422.25 and 422.70.
[ARC 9104B, IAB 9/22/10, effective 10/27/10; Editorial change: IAC Supplement 11/2/22; Editorial change: IAC Supplement 10/18/23]