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Internal Revenue Code · 26 U.S.C.

Subchapter E. Accounting Periods and Methods of Accounting

Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). The official version is at uscode.house.gov (external site).

  1. Part I ACCOUNTING PERIODS §§ 441–444

    1. § 441 Period for computation of taxable income
    2. § 442 Change of annual accounting period
    3. § 443 Returns for a period of less than 12 months
    4. § 444 Election of taxable year other than required taxable year

  2. Part II METHODS OF ACCOUNTING §§ 446–475

    1. Subpart A Methods of Accounting in General §§ 446–448

      1. § 446 General rule for methods of accounting
      2. § 447 Method of accounting for corporations engaged in farming
      3. § 448 Limitation on use of cash method of accounting

    2. Subpart B Taxable Year for Which Items of Gross Income Included §§ 451–460

      1. § 451 General rule for taxable year of inclusion
      2. § 452 Repealed
      3. § 453 Installment method
      4. § 453A Special rules for nondealers
      5. § 453B Gain or loss on disposition of installment obligations
      6. § 453C Repealed
      7. § 454 Obligations issued at discount
      8. § 455 Prepaid subscription income
      9. § 456 Prepaid dues income of certain membership organizations
      10. § 457 Deferred compensation plans of State and local governments and tax-exempt organizations
      11. § 457A Nonqualified deferred compensation from certain tax indifferent parties
      12. § 458 Magazines, paperbacks, and records returned after the close of the taxable year
      13. § 460 Special rules for long-term contracts

    3. Subpart C Taxable Year for Which Deductions Taken §§ 461–470

      1. § 461 General rule for taxable year of deduction
      2. § 462 Repealed
      3. § 463 Repealed
      4. § 464 Limitations on deductions for certain farming expenses
      5. § 465 Deductions limited to amount at risk
      6. § 466 Repealed
      7. § 467 Certain payments for the use of property or services
      8. § 468 Special rules for mining and solid waste reclamation and closing costs
      9. § 468A Special rules for nuclear decommissioning costs
      10. § 468B Special rules for designated settlement funds
      11. § 469 Passive activity losses and credits limited
      12. § 470 Limitation on deductions allocable to property used by governments or other tax-exempt entities

    4. Subpart D Inventories §§ 471–475

      1. § 471 General rule for inventories
      2. § 472 Last-in, first-out inventories
      3. § 473 Qualified liquidations of LIFO inventories
      4. § 474 Simplified dollar-value LIFO method for certain small businesses
      5. § 475 Mark to market accounting method for dealers in securities

  3. Part III ADJUSTMENTS §§ 481–483

    1. § 481 Adjustments required by changes in method of accounting
    2. § 482 Allocation of income and deductions among taxpayers
    3. § 483 Interest on certain deferred payments