TITLE 26. INTERNAL REVENUE CODE § 461. General rule for taxable year of deduction [Caution: For the inflation adjustment of certain items in this section, see the Revenue Procedure which appears as 26 USCS § 1 note.]. [Effective until January 1, 2026], 26 USCS § 461


Summary

(a) General rule. The amount of any deduction or credit allowed by this subtitle [26 USCS §§ 1 et seq.] 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 ...