26 U.S.C. § 859 - U.S. Code - Unannotated Title 26. Internal Revenue Code § 859. Adoption of annual accounting period

(a) General rule.--For purposes of this subtitle--

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).