Final answer:
Incoming and outgoing mileage records are typically required to be kept for five years to comply with tax and transportation laws, which may vary by jurisdiction.
Step-by-step explanation:
The statement is true. Incoming and outgoing mileage disclosures must be retained for five years. This requirement is imposed by the Internal Revenue Service (IRS) in the United States. The purpose of retaining mileage disclosures is to have accurate records for tax purposes and to ensure compliance with IRS regulations.
The question relates to the legal requirements for retaining mileage records, specifically whether incoming and outgoing mileage disclosures must be retained for five years. This would fall under a business practice related to record-keeping for tax, legal, or regulatory purposes.
Regulations can vary by jurisdiction, but generally, businesses are required to keep records for a certain period. In many cases, this is indeed true; mileage records should be retained for five years to ensure compliance with tax and transportation laws. This period allows for audits and any potential legal issues that may arise where these records would be necessary.