Accounting Periods

A RIC must figure its taxable income on the basis of a tax year. A tax year is the annual accounting period a RIC uses to keep its records and report its income and expenses. RICs can use a calendar year or a fiscal year. For more information about accounting periods, see Regulations sections 1.441-1 and 1.441-2.

If two or more amounts must be added to figure the amount to enter on a line, include cents when adding the amounts and round off only the total.