§442 — Change of annual accounting period
22 cases·1 followed·1 distinguished·1 criticized·19 cited—5% support
Statute Text — 26 U.S.C. §442
If a taxpayer changes his annual accounting period, the new accounting period shall become the taxpayer’s taxable year only if the change is approved by the Secretary. For purposes of this subtitle, if a taxpayer to whom section 441(g) applies adopts an annual accounting period (as defined in section 441(c)) other than a calendar year, the taxpayer shall be treated as having changed his annual accounting period.
Treasury Regulations
- Treas. Reg. §Treas. Reg. §1.442-1 Change of annual accounting period
- Treas. Reg. §Treas. Reg. §1.442-1(a) Approval of the Commissioner.
- Treas. Reg. §Treas. Reg. §1.442-1(b) Obtaining approval—(1) Time and manner for requesting approval.
- Treas. Reg. §Treas. Reg. §1.442-1(c) Special rule for change of annual accounting period by subsidiary corporation.
- Treas. Reg. §Treas. Reg. §1.442-1(d) Special rule for newly married couples.
- Treas. Reg. §Treas. Reg. §1.442-1(e) Effective date.
22 Citing Cases
442.130 (West 2000); Gregg v. Georgacopoulos, 990 S.W.2d 120, 124 (Mo. Ct. App. 1999). Additionally, the validity ofthe easement must bejudged at the time ofthe grant. See Wachter v. Commissioner, 142 T.C. 140, 148 (2014) ("[A] conservation easement fails to be 'in perpetuity' * * * if, on the date ofthe donation, the possibility that the char