[Code of Federal Regulations]
[Title 26, Volume 17]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR157.6001-1T]

[Page 464]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 157_EXCISE TAX ON STRUCTURED SETTLEMENT FACTORING TRANSACTIONS--Table of Contents
 
                 Subpart B_Procedure and Administration
 
Sec. 157.6001-1T  Records, statements, and special returns.


    (a) In general. Any person subject to tax under chapter 55 
(Structured Settlement Factoring Transactions) of the Internal Revenue 
Code (chapter 55) must keep such complete and detailed records as are 
sufficient to enable the Internal Revenue Service (IRS) to determine 
accurately the amount of liability under chapter 55.
    (b) Notice by the IRS requiring returns, statements, or the keeping 
of records. The IRS may require any person, by notice served upon him, 
to make such returns, render such statements, or keep such specific 
records as will enable the IRS to determine whether or not the person is 
liable for tax under chapter 55.
    (c) Retention of records. The records required by this section must 
be kept at all times available for inspection by the IRS, and shall be 
retained so long as the contents thereof may become material in the 
administration of any internal revenue law.