Michigan Administrative Code
Department - Licensing and Regulatory Affairs
Public Service Commission
Preservation of Records of Electric, Gas, And Water Utilities
Part 2 - SCHEDULE OF RECORDS AND PERIODS OF RETENTION
Section R. 460.2529 - Tax records; retention periods

Universal Citation: MI Admin Code R. 460.2529
Current through Vol. 24-16, September 15, 2024

Rule 29. The following tax records shall be retained for the periods listed:

(a) Copies of schedules, returns, and supporting working papers to taxing authorities and records of appeals of the following:
(i) Federal income, excess profits, undistributed income, and capital stock taxes. 7 years after settlement.
(ii) State income taxes and state or local property taxes. 7 years after settlement.
(iii) Other taxes. 2 years after settlement.
(iv) Schedule of allocation of consolidated federal income taxes to subsidiary companies. 7 years after allocation.
(v) Records of annual determinations of deferred taxes on income, annual determinations of accounting adjustments for "reserve deferrals" of deferred taxes on income, together with basic computations and records of annual plant additions and retirements and adjustments on which deferred tax accounting 6 years after absorption of deferred credits.
entries are based. For the purposes of this rule, "deferred taxes" and "deferred tax accounting" embrace provisions for "future taxes on income," "prepaid taxes on income, or any other accounting procedure which attributes a tax on income to a year or years other than that of the specific year's tax return determining the tax liability.
(b) Tax bills from taxing authorities and receipts for payment. See rule 24 (1)(b).
(c) Summaries of taxes paid by classes of taxes and by location. 6 years.
(d) Summaries of taxes paid by taxing districts. 6 years.
(e) Restatements of schedules of taxes paid after giving effect to refunds and additional assessments. 6 years.

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