Accrual of real property taxes
(1) In general
(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 his first taxable year in which he incurs real property taxes. Such an election shall be made not later than the time prescribed by law for filing the return for such year (including extensions thereof).
(B) With consent A taxpayer may, with the consent of the Secretary, make an election under this subsection at any time.
(2)(A)Without consent#
A taxpayer may, without the consent of the Secretary, make an election under this subsection for his first taxable year in which he incurs real property taxes. Such an election shall be made not later than the time prescribed by law for filing the return for such year (including extensions thereof).
(2)(B)With consent#
A taxpayer may, with the consent of the Secretary, make an election under this subsection at any time.