View all text of Part II [§ 856 - § 859]
§ 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
(Added Pub. L. 94–455, title XVI, § 1604(i)(1), Oct. 4, 1976, 90 Stat. 1752, § 860; renumbered § 859 and amended Pub. L. 95–600, title III, § 362(d)(6), title VII, § 701(t)(1), Nov. 6, 1978, 92 Stat. 2852, 2911; Pub. L. 99–514, title VI, § 661(c), Oct. 22, 1986, 100 Stat. 2300