Internal Revenue Code (Title 26 U.S.C.)
26 U.S.C. § 859
Adoption of annual accounting period
# (a) General rule
For purposes of this subtitle— (1) a real estate investment trust shall not change to any accounting period other than the calendar year, and (2) a corporation, trust, or association may not elect to be a real estate investment trust for any taxable year beginning after October 4, 1976, unless its accounting period is the calendar year. Paragraph (2) shall not apply to a corporation, trust, or association which was considered to be a real estate investment trust for any taxable year beginning on or before October 4, 1976.
# (b) Change of accounting period without approval
Notwithstanding section 442, an entity which has not engaged in any active trade or business may change its accounting period to a calendar year without the approval of the Secretary if such change is in connection with an election under section 856(c).
Source: view the official text
Nearby sections (25 sections)
- 846 · Discounted unpaid losses defined
- 847 · [§847. Repealed. Pub. L. 115–97, title I, §13516(a), Dec. 22,…
- 848 · Capitalization of certain policy acquisition expenses
- 851 · Definition of regulated investment company
- 852 · Taxation of regulated investment companies and their shareholders
- 853 · Foreign tax credit allowed to shareholders
- 853A · Credits from tax credit bonds allowed to shareholders
- 854 · Limitations applicable to dividends received from regulated…
- 855 · Dividends paid by regulated investment company after close of…
- 856 · Definition of real estate investment trust
- 857 · Taxation of real estate investment trusts and their beneficiaries
- 858 · Dividends paid by real estate investment trust after close of…
- 859 · Adoption of annual accounting period
- 860 · Deduction for deficiency dividends
- 860A · Taxation of REMIC's
- 860B · Taxation of holders of regular interests
- 860C · Taxation of residual interests
- 860D · REMIC defined
- 860E · Treatment of income in excess of daily accruals on residual…
- 860F · Other rules
- 860G · Other definitions and special rules
- 860H · [§§860H to 860L. Repealed. Pub. L. 108–357, title VIII, §835(a),…
- 861 · Income from sources within the United States
- 862 · Income from sources without the United States
- 863 · Special rules for determining source