[Code of Federal Regulations]
[Title 26, Volume 15]
[Revised as of April 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR44.6001-1]

[Page 41-42]
 
                       TITLE 26--INTERNAL REVENUE
 
                               (Continued)
 
PART 44--TAXES ON WAGERING; EFFECTIVE JANUARY 1, 1955--Table of Contents
 
Subpart E--Administrative Provisions of Special Application to the Taxes 
                               on Wagering
 
Sec. 44.6001-1  Record requirements.


    (a) In general. (1) In addition to all other records required 
pursuant to Sec. 44.4403-1, every person required to pay tax under 
section 4401 shall keep such records as will clearly show as to each 
day's operation:
    (i) Separately, the gross amount of wagers:
    (a) Accepted directly by the taxpayer or at any registered place of 
business of the taxpayer (other than laid-off wagers),

[[Page 42]]

    (b) Accepted for his account by agents at any place other than a 
registered place of business of the taxpayer (other than laid-off 
wagers), and
    (c) Accepted as laid-off wagers from persons subject to the tax on 
wagers;
    (ii) With respect to wagers laid off with others, the name, address, 
and registration number of each person with whom the laid-off wagers 
were placed, and the gross amount laid off with each such person, 
showing separately the gross amount of laid-off wagers with respect to 
each event, contest, or other wagering medium, as, for example, the 
gross amount laid off on each horse in a race; and
    (iii) The gross amount of tax collected from or charged to bettors 
as a separate item.
    (2) If a taxpayer has any agents or employees receiving wagers on 
his behalf, he shall maintain a separate record showing the name and 
address of each agent or employee, the period of employment, and the 
number of the special tax stamp issued to each such agent or employee.
    (3) A duplicate copy of each return required by Sec. 44.6011(a)-1 
shall be retained as part of the taxpayer's records.
    (b) Records of agent or employee. Every person who is engaged in 
receiving for or on behalf of another person (at any place other than a 
registered place of business of such other person) wagers of a type 
subject to the tax imposed by section 4401 shall keep a record showing 
for each day (1) the gross amount of such wagers received by him, (2) 
the amount, if any, retained as a commission or as compensation for 
receiving such wagers, and (3) the amount turned over to the person on 
whose behalf the wagers were received, and the name and address of such 
person.
    (c) Record of claimants. Any person claiming a credit or refund 
shall keep a complete and detailed record of each overpayment and of 
each laid-off wager for which credit is taken or refund is claimed, 
including a copy of the certificate required under paragraph (d) of 
Sec. 44.6419-2.
    (d) Place for keeping records. Every person required to pay the tax 
imposed by section 4401 shall keep or cause to be kept, at his office or 
principal place of business, or, if he has no office or principal place 
of business, at his residence or some other convenient or safe location, 
all such records as are required pursuant to paragraphs (a) and (c) of 
this section and section 4403 and Sec. 44.4403-1.
    (e) Period for retaining records. All records required by the 
regulations in this part shall at all times be available for inspection 
by internal revenue officers. Records required by Sec. 44.4403-1 and by 
paragraph (a) of this section shall be maintained for a period of at 
least three years from the date the tax became due. Records required by 
paragraph (b) of this section shall be maintained for a period of at 
least three years from the date the wager was received. Records required 
by paragraph (c) of this section shall be maintained for a period of at 
least three years from the date any credit is taken or refund is 
claimed.

[T.D. 6370, 24 FR 2614, Apr. 4, 1959, as amended by T.D. 6568, 26 FR 
7545, Aug. 15, 1961]