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26 U.S.C. § 466 — Repealed. Pub. L. 99–514, title VIII, § 823(a), Oct. 22, 1986, 100 Stat. 2373]

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 466 — Repealed. Pub. L. 99–514, title VIII, § 823(a), Oct. 22, 1986, 100 Stat. 2373]

### Statutory Notes Section, added Pub. L. 95–600, title III, § 373(a), Nov. 6, 1978, 92 Stat. 2863; amended Pub. L. 96–222, title I, § 103(a)(16), Apr. 1, 1980, 94 Stat. 214, related to qualified discount coupons redeemed after close of taxable year. #### Effective Date of Repeal Pub. L. 99–514, title VIII, § 823(c), Oct. 22, 1986, 100 Stat. 2374, provided: “(1) In general.—The amendments made by this section [amending [section 461 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section461&num=0&edition=prelim) and repealing this section] shall apply to taxable years beginning after December 31, 1986. “(2) Change in method of accounting.—In the case of any taxpayer who elected to have section 466 of the Internal Revenue Code of 1954 [now 1986] apply for such taxpayer’s last taxable year beginning before January 1, 1987, and is required to change its method of accounting by reason of the amendments made by this section for any taxable year—“(A) such change shall be treated as initiated by the taxpayer, “(B) such change shall be treated as having been made with the consent of the Secretary, and “(C) the net amount of adjustments required by section 481 of the Internal Revenue Code of 1986 to be taken into account by the taxpayer shall—“(i) be reduced by the balance in the suspense account under section 466(e) of such Code as of the close of such last taxable year, and “(ii) be taken into account over a period not longer than 4 years.”

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Source location: Title 26, Chapter 1, § 466; chapter-001-normal-taxes-and-surtaxes.md

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 461 — General rule for taxable year of deduction

**(a) General rule** The amount of any deduction or credit allowed by this subtitle shall be taken for the taxable year which is the proper taxable year under the method of accounting used in computing taxable income. **(b) Special rule in case of death** In the case of the death of a taxpayer whose taxable income is computed under an accrual method of accounting, any amount accrued as a deduction or credit only by reason of the death of the taxpayer shall not be allowed in computing taxable income for the period in which falls the date of the taxpayer’s death. **(c) Accrual of real property taxes** (1) **In general** — If the taxable income is computed under an accrual method of accounting, then, at the election of the taxpayer, any real property tax which is related to a definite period of time shall be accrued ratably over that period. (2) **When election may be made** (A) *Without consent* — A taxpayer may, without the consent of the Secretary, make an election under this subsection for his first taxable year in which he incurs real property taxes. Such an election shall be made not later than the time prescribed by law for filing the return for such year (including extensions thereof). (B) *With consent* — A taxpayer may, with the consent of the Secretary, make an election under this subsection at any time. **(d) Limitation on acceleration of accrual of taxes** (1) **General rule** — In the case of a taxpayer whose taxable income is computed under an accrual method of accounting, to the extent that the time for accruing taxes is earlier than it would be but for any action of any taxing jurisdiction taken after December 31, 1960, then, under regulations prescribed by the Secretary, such taxes shall be treated as accruing at the time they would have accru

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 466 — Untitled legal text

Page 1624 TITLE 26—INTERNAL REVENUE CODE [§ 466 [§ 466. Repealed. Pub. L. 99–514, title VIII, § 823(a), Oct. 22, 1986, 100 Stat. 2373] Section, added Pub. L. 95–600, title III, § 373(a), Nov. 6, 1978, 92 Stat. 2863; amended Pub. L. 96–222, title I, § 103(a)(16), Apr. 1, 1980, 94 Stat. 214, related to qualified discount coupons redeemed after close of taxable year. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Pub. L. 99–514, title VIII, § 823(c), Oct. 22, 1986, 100 Stat. 2374, provided: ‘‘(1) IN GENERAL.—The amendments made by this sec- tion [amending section 461 of this title and repealing this section] shall apply to taxable years beginning after December 31, 1986. ‘‘(2) CHANGE IN METHOD OF ACCOUNTING.—In the case of any taxpayer who elected to have section 466 of the In- ternal Revenue Code of 1954 [now 1986] apply for such taxpayer’s last taxable year beginning before January 1, 1987, and is required to change its method of account- ing by reason of the amendments made by this section for any taxable year— ‘‘(A) such change shall be treated as initiated by the taxpayer, ‘‘(B) such change shall be treated as having been made with the consent of the Secretary, and ‘‘(C) the net amount of adjustments required by section 481 of the Internal Revenue Code of 1986 to be taken into account by the taxpayer shall— ‘‘(i) be reduced by the balance in the suspense ac- count under section 466(e) of such Code as of the close of such last taxable year, and ‘‘(ii) be taken into account over a period not longer than 4 years.’’ § 467. Certain payments for the use of property or services (a) Accrual method on present value basis In the case of the lessor or lessee under any section 467 rental agreement, there shall be taken into account

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