(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
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
1986—Pub. L. 99–514designated existing provisions as subsec. (a) and added subsec. (b).
1978—Pub. L. 95–600, § 701(t)(1), designated existing provisions as par. (1), substituted “change to any accounting period” for “change to or adopt any annual accounting period”, and added par. (2) and provision for nonapplicability of par. (2) to a real estate investment trust for any taxable year beginning on or before Oct. 4, 1976.
Effective Date of 1986 Amendment
Amendment by Pub. L. 99–514applicable to taxable years beginning after Dec. 31, 1986, see section 669 ofPub. L. 99–514, set out as a note under section
856 of this title.
Effective Date of 1978 Amendment
Repeal of prior section
859 of this title and redesignation of section
860 of this title as this section by section 362(d)(6) ofPub. L. 95–600applicable with respect to determinations (as defined in section
860(e) of this title) after Nov. 6, 1978, see section 362(e) ofPub. L. 95–600, set out as an Effective Date note under section
860 of this title.
Section 701(t)(5) ofPub. L. 95–600provided that: “The amendments made by this subsection [amending this section and sections
6501 of this title] shall take effect on October 4, 1976.”
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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Description of Change
Statutes at Large
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