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26 U.S.C. § 859 — Adoption of annual accounting period
Federal law — U.S. Code and appendices · legal_authorities
**(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** 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).
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Stable record: federal_law:legal_authorities:record_usc_66bdc9af02dad19deeecf7c4
Source file: Laws/federal/codes/united-states-code/title-26/section-859-adoption-of-annual-accounting-period--03986a082b.md
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Source location: Title 26, Chapter 1, § 859; chapter-001-normal-taxes-and-surtaxes.md
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**(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** 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).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** If a determination with respect to any qualified investment entity results in any adjustment for any taxable year, a deduction shall be allowed to such entity for the amount of deficiency dividends for purposes of determining the deduction for dividends paid (for purposes of section 852 or 857, whichever applies) for such year.
**(b) Qualified investment entity defined** For purposes of this section, the term “qualified investment entity” means—
(1) a regulated investment company, and
(2) a real estate investment trust.
**(c) Rules for application of section**
(1) **Interest and additions to tax determined with respect to the amount of deficiency dividend deduction allowed** — For purposes of determining interest, additions to tax, and additional amounts—
(A) the tax imposed by this chapter (after taking into account the deduction allowed by subsection (a)) on the qualified investment entity for the taxable year with respect to which the determination is made shall be deemed to be increased by an amount equal to the deduction allowed by subsection (a) with respect to such taxable year,
(B) the last date prescribed for payment of such increase in tax shall be deemed to have been the last date prescribed for the payment of tax (determined in the manner provided by section 6601(b)) for the taxable year with respect to which the determination is made, and
(C) such increase in tax shall be deemed to be paid as of the date the claim for the deficiency dividend deduction is filed.
(2) **Credit or refund** — If the allowance of a deficiency dividend deduction results in an overpayment of tax for any taxable year, credit or refund with respect to such overpayment shall be made as if on the date of the determination 2 years remained before the
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 860
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** For purposes of this title, the term “real estate investment trust” means a corporation, trust, or association—
(1) which is managed by one or more trustees or directors;
(2) the beneficial ownership of which is evidenced by transferable shares, or by transferable certificates of beneficial interest;
(3) which (but for the provisions of this part) would be taxable as a domestic corporation;
(4) which is neither (A) a financial institution referred to in section 582(c)(2), nor (B) an insurance company to which subchapter L applies;
(5) the beneficial ownership of which is held by 100 or more persons;
(6) subject to the provisions of subsection (k), which is not closely held (as determined under subsection (h)); and
(7) which meets the requirements of subsection (c).
**(b) Determination of status** The conditions described in paragraphs (1) to (4), inclusive, of subsection (a) must be met during the entire taxable year, and the condition described in paragraph (5) must exist during at least 335 days of a taxable year of 12 months, or during a proportionate part of a taxable year of less than 12 months.
**(c) Limitations** A corporation, trust, or association shall not be considered a real estate investment trust for any taxable year unless—
(1) it files with its return for the taxable year an election to be a real estate investment trust or has made such election for a previous taxable year, and such election has not been terminated or revoked under subsection (g);
(2) at least 95 percent (90 percent for taxable years beginning before January 1, 1980) of its gross income (excluding gross income from prohibited transactions) is derived from—
(A) dividends;
(B) interest;
(C) rents from real property;
(D) gain from the sale or other
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 856
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** No deduction shall be allowed for the following taxes:
(1) Federal income taxes, including—
(A) the tax imposed by section 3101 (relating to the tax on employees under the Federal Insurance Contributions Act);
(B) the taxes imposed by sections 3201 and 3211 (relating to the taxes on railroad employees and railroad employee representatives); and
(C) the tax withheld at source on wages under section 3402.
(2) Federal war profits and excess profits taxes.
(3) Estate, inheritance, legacy, succession, and gift taxes.
(4) Income, war profits, and excess profits taxes imposed by the authority of any foreign country or possession of the United States if the taxpayer chooses to take to any extent the benefits of section 901.
(5) Taxes on real property, to the extent that section 164(d) requires such taxes to be treated as imposed on another taxpayer.
(6) Taxes imposed by chapters 37, 41, 42, 43, 44, 45, 46, 50A, and 54.
Paragraph (1) shall not apply to any taxes to the extent such taxes are allowable as a deduction under section 164(f).
**(b) Cross reference** For disallowance of certain other taxes, see section 164(c).
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 275
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** If the Secretary determines that there is a deficiency in respect of any tax imposed by subtitles A or B or chapter 41, 42, 43, or 44 he is authorized to send notice of such deficiency to the taxpayer by certified mail or registered mail. Such notice shall include a notice to the taxpayer of the taxpayer’s right to contact a local office of the taxpayer advocate and the location and phone number of the appropriate office.
**(b) Address for notice of deficiency**
(1) **Income and gift taxes and certain excise taxes** — In the absence of notice to the Secretary under section 6903 of the existence of a fiduciary relationship, notice of a deficiency in respect of a tax imposed by subtitle A, chapter 12, chapter 41, chapter 42, chapter 43, or chapter 44 if mailed to the taxpayer at his last known address, shall be sufficient for purposes of subtitle A, chapter 12, chapter 41, chapter 42, chapter 43, chapter 44, and this chapter even if such taxpayer is deceased, or is under a legal disability, or, in the case of a corporation, has terminated its existence.
(2) **Joint income tax return** — In the case of a joint income tax return filed by husband and wife, such notice of deficiency may be a single joint notice, except that if the Secretary has been notified by either spouse that separate residences have been established, then, in lieu of the single joint notice, a duplicate original of the joint notice shall be sent by certified mail or registered mail to each spouse at his last known address.
(3) **Estate tax** — In the absence of notice to the Secretary under section 6903 of the existence of a fiduciary relationship, notice of a deficiency in respect of a tax imposed by chapter 11, if addressed in the name of the decedent or other person subject to l
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6212
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** Except as otherwise provided in this section, the amount of any tax imposed by this title shall be assessed within 3 years after the return was filed (whether or not such return was filed on or after the date prescribed) or, if the tax is payable by stamp, at any time after such tax became due and before the expiration of 3 years after the date on which any part of such tax was paid, and no proceeding in court without assessment for the collection of such tax shall be begun after the expiration of such period. For purposes of this chapter, the term “return” means the return required to be filed by the taxpayer (and does not include a return of any person from whom the taxpayer has received an item of income, gain, loss, deduction, or credit).
**(b) Time return deemed filed**
(1) **Early return** — For purposes of this section, a return of tax imposed by this title, except tax imposed by chapter 3, 4, 21, or 24, filed before the last day prescribed by law or by regulations promulgated pursuant to law for the filing thereof, shall be considered as filed on such last day.
(2) **Return of certain employment and withholding taxes** — For purposes of this section, if a return of tax imposed by chapter 3, 4, 21, or 24 for any period ending with or within a calendar year is filed before April 15 of the succeeding calendar year, such return shall be considered filed on April 15 of such calendar year.
(3) **Return executed by Secretary** — Notwithstanding the provisions of paragraph (2) of section 6020(b), the execution of a return by the Secretary pursuant to the authority conferred by such section shall not start the running of the period of limitations on assessment and collection.
(4) **Return of excise taxes** — For purposes of this section, the fil
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6501
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Federal law — U.S. Code and appendices · legal_authorities
Page 2010
TITLE 26—INTERNAL REVENUE CODE
§ 859
(Added Pub. L. 86–779, § 10(a), Sept. 14, 1960, 74
Stat. 1008; amended Pub. L. 94–455, title XVI,
§§ 1604(h), title XIX, § 1906(b)(13)(A), Oct. 4, 1976,
90 Stat. 1752, 1834; Pub. L. 99–514, title VI,
§§ 665(b)(2), 668(b)(1)(B), Oct. 22, 1986, 100 Stat.
2304, 2307; Pub. L. 100–647, title I, § 1018(u)(27),
Nov. 10, 1988, 102 Stat. 3591; Pub. L. 113–295, div.
A, title II, § 220(m), Dec. 19, 2014, 128 Stat. 4036.)
Editorial Notes
AMENDMENTS
2014—Subsec.
(b).
Pub.
L.
113–295
substituted
‘‘857(b)(9)’’ for ‘‘857(b)(8)’’.
1988—Subsec. (b). Pub. L. 100–647, § 1018(u)(27), made
technical correction to directory language of Pub. L.
99–514, see 1986 Amendment note below.
1986—Subsec. (b). Pub. L. 99–514, § 668(b)(1)(B), as
amended by Pub. L. 100–647, § 1018(u)(27), substituted
‘‘Except as provided in section 857(b)(8), amounts’’ for
‘‘Amounts’’.
Subsec. (c). Pub. L. 99–514, § 665(b)(2), inserted ‘‘(or
mailed to its shareholders or holders of beneficial in-
terests with its annual report for the taxable year)’’.
1976—Subsec.
(a).
Pub.
L.
94–455,
§§ 1604(h),
1906(b)(13)(A),
inserted
‘‘(and
specifies
in
dollar
amounts)’’ after ‘‘to the extent the trust elects in such
return’’ and substituted ‘‘paid only during such taxable
year’’ for ‘‘paid during such taxable year’’, and struck
out ‘‘or his delegate’’ after ‘‘Secretary’’.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1988 AMENDMENT
Amendment by Pub. L. 100–647 effective, except as
otherwise provided, as if included in the provision of
the Tax Reform Act of 1986, Pub. L. 99–514, to which
such amendment relates, see section 1019(a) of Pub. L.
100–647, set out as a note under section 1 of this title.
EFFECTIVE DATE OF 1986 AMENDMEN
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 859
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