Colors of the Rainbow and Their Meanings. The rainbow is a beautiful natural phenomenon; knowing the significance of each of the colors of the rainbow makes it even more beautiful. While Nature or God has created this glorious natural phenomenon; philosophers have given a meaning to its colors.
Minimum Length of Time. Keep the records and papers for any settled estate for at least seven years, if an estate tax return was filed. That is the Internal Revenue Service recommendation for any financial transactions. Under IRS rules, that is the end of the statute of limitations for any kind of auditing.
Tax records relating to real property or âreal assetsâ should be kept for as long as you hold the asset (and, for at least 7 years after you sell, exchange or liquidate the asset). These records can help you figure appreciation, depreciation, amortization or depletion of assets with regard to the property.