§859 — Adoption of annual accounting period
2 cases·2 cited
Statute Text — 26 U.S.C. §859
For purposes of this subtitle—
a real estate investment trust shall not change to any accounting period other than the calendar year, and
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
.
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).