Final answer:
Typically, a wholesaler should maintain records for at least 7 years to comply with tax audit and assessment requirements.
Step-by-step explanation:
Regarding the duration for which a wholesaler is required to maintain records, it can vary depending on the laws and regulations specific to a country or state. Typically, for tax purposes, businesses including wholesalers are advised to keep their records for a minimum of 7 years. This is based on the statute of limitations for tax audits and assessments. For different purposes or jurisdictions the period may vary but as a general business practice, maintaining records for 7 years serves as a safe guideline. Maintaining records for 7 years is a common practice among businesses, as it aligns with the Internal Revenue Service's (IRS) requirement for tax purposes. It ensures compliance with tax laws and allows businesses to refer to past records in case of audits or legal issues.