Records

047.01 In general. Any corporate taxpayer that conducts business within this state, makes deliveries or sales into this state, or has sales or service representatives operating in this state and any corporate taxpayer subject to tax under the Nebraska Revenue Act of 1967, as amended, shall keep such permanent books of account or records, including inventories and all supporting documents, as are sufficient to establish the amount of gross income, deductions, credits, or other matters which may be required to support the Nebraska corporation income tax return. 047.02 Availability of books and records. Such books or records shall be kept available at all times for inspection by the Tax Commissioner or any agent or representative designated by the Tax Commissioner for the purpose of ascertaining the correctness of any return or other document required to be filed under the Nebraska Revenue Act, or for the purpose of ascertaining whether a corporate taxpayer is subject to the corporation income tax. 047.03 Retention of records. Each corporate taxpayer or unitary group shall retain all of its records relating to a taxable year as long as the contents may become material in the administration of any Nebraska tax laws. If the Tax Commissioner serves a notice of deficiency determination for a taxable year, the corporate taxpayer or the unitary group shall retain all of its records relating to that taxable year until the deficiency has been satisfied, abated, settled, or disallowed. (Section 77-27,119(3), R.S.Supp., 1998, and section 77-2772, R.R.S. 1996. November 11, 1998.)