Question 37 ?of 100.For federal tax purposes, how long should a sole proprietor keep records...
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Question ?of For federal tax purposes, how long should a sole proprietor keep records on a machine used ?for business?They should keep the records until:Three years after the machine is purchased.Three years after the machine is disposed of in a taxable disposition.Five years after the machine is placed into service.The period of limitations expires for the year in which the final taxable disposition occurs.Mark for follow up 
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For federal tax purposes, how long should a sole proprietor keep records on a machine used ?for business?
They should keep the records until:
Three years after the machine is purchased.
Three years after the machine is disposed of in a taxable disposition.
Five years after the machine is placed into service.
The period of limitations expires for the year in which the final taxable disposition occurs.
Mark for follow up
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