— Preservation of books of accounts, and other accounting records.
Section 337
SEC. 337. — Preservation of books of accounts, and other accounting records. — All the books of accounts, including the subsidiary books, and other accounting records, of corporations, partnerships, or persons shall be preserved by them for a period of at least five years from the last entry in each books and shall be subject to examination and inspection only once in a taxable year during that five- year period by internal revenue officers, except in cases of fraud, irregularity or mistake as determines by the Commissioner, or unless the taxpayer requests otherwise, in which case, another examination and inspection may be made. Examination and inspection of books of accounts and other accounting records shall be done only in the taxpayer’s office or place of business or in the office of the Bureau of Internal Revenue. All corporations, partnerships, or persons, that retire from business shall, within ten days from the date of retirement or within such period of time as may be allowed by the Commissioner of Internal Revenue in special cases, submit their books of accounts, including the subsidiary books and other accounting records, to the Commissioner or any of his deputies foe examination, after which they shall be returned. Corporation and partnerships contemplating dissolution must notify the Commissioner of Internal Revenue and shall not be dissolved until cleared of any tax liability.