Source: http://ecfr.io/Title-26/se26.8.1_1441_61
Timestamp: 2019-06-25 01:56:29
Document Index: 471793802

Matched Legal Cases: ['§1', 'art 1', '§1', 'art 1', '§1', 'art 1', '§1', '§1', '§1', '§1', '§1', '§1', '§1', '§1', '§1', '§1', '§1', '§1', '§1', '§1', '§1']

[26 CFR §1.441-1] Title 26 Part 1 → §1.441-1 : Code of Federal Regulations ';
Title 26 Part 1 → §1.441-1
Title 26 → Chapter I → Subchapter A → Part 1 → §1.441-1
§1.441-1 Period for computation of taxable income.
(2) Length of taxable year. Except as otherwise provided in the Internal Revenue Code and the regulations thereunder (e.g., §1.441-2 regarding 52-53-week taxable years), a taxable year may not cover a period of more than 12 calendar months.
(B) In the case of a personal service corporation (PSC), the taxable year determined under section 441(i) and §1.441-3;
(C) In the case of a nuclear decommissioning fund, the taxable year determined under §1.468A-4(c)(1);
(D) In the case of a designated settlement fund or a qualified settlement fund, the taxable year determined under §1.468B-2(j);
(G) In the case of a partnership, the taxable year determined under section 706 and §1.706-1;
(H) In the case of an insurance company, the taxable year determined under section 843 and §1.1502-76(a)(2);
(J) In the case of a real estate mortgage investment conduit, the taxable year determined under section 860D(a)(5) and §1.860D-1(b)(6);
(L) In the case of an S corporation, the taxable year determined under section 1378 and §1.1378-1; or
(M) In the case of a member of an affiliated group that makes a consolidated return, the taxable year determined under §1.1502-76.
(A) 52-53-week taxable years. Certain taxpayers may elect to use a 52-53-week taxable year that ends with reference to their required taxable year. See, for example, §§1.441-3 (PSCs), 1.706-1 (partnerships), 1.1378-1 (S corporations), and 1.1502-76(a)(1) (members of a consolidated group).
(5) Fiscal year—(i) Definition. Fiscal year means—
(B) A 52-53-week taxable year, if such period has been elected by the taxpayer. See §1.441-2.
(7) Books. Books include the taxpayer's regular books of account and such other records and data as may be necessary to support the entries on the taxpayer's books and on the taxpayer's return, as for example, a reconciliation of any difference between such books and the taxpayer's return. Records that are sufficient to reflect income adequately and clearly on the basis of an annual accounting period will be regarded as the keeping of books. See section 6001 and the regulations thereunder for rules relating to the keeping of books and records.
(c) Adoption of taxable year—(1) In general. Except as provided in paragraph (c)(2) of this section, a new taxpayer may adopt any taxable year that satisfies the requirements of section 441 and the regulations thereunder without the approval of the Commissioner. A taxable year of a new taxpayer is adopted by filing its first Federal income tax return using that taxable year. The filing of an application for automatic extension of time to file a Federal income tax return (e.g., Form 7004, “Application for Automatic Extension of Time to File Corporation Income Tax Return”), the filing of an application for an employer identification number (i.e., Form SS-4, “Application for Employer Identification Number”), or the payment of estimated taxes, for a particular taxable year do not constitute an adoption of that taxable year.
(2) Approval required—(i) Taxpayers with required taxable years. A newly-formed partnership, S corporation, or PSC that wants to adopt a taxable year other than its required taxable year, a taxable year elected under section 444, or a 52-53-week taxable year that ends with reference to its required taxable year or a taxable year elected under section 444 must establish a business purpose and obtain the approval of the Commissioner under section 442.
(f) Obtaining approval of the Commissioner or making a section 444 election. See §1.442-1(b) for procedures for obtaining approval of the Commissioner (automatically or otherwise) to adopt, change, or retain an annual accounting period. See §§1.444-1T and 1.444-2T for qualifications, and 1.444-3T for procedures, for making an election under section 444.
[T.D. 8996, 67 FR 35012, May 17, 2002, as amended at by T.D. 9849, 84 FR 9234, Mar. 14, 2019]