§ 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.