• logo-lightlogo-dark

    decipher.legal

    Created by Michael Wessels
    1. U.S. Code
    2. Title 26
    3. Subtitle A
    4. CHAPTER 1
    5. Subchapter M
    6. PART II

    § 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

    (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 .