30173

The amount of any item of gross income shall be included in the gross income for the taxable year in which received by the taxpayer, unless, under the methods of accounting permissible under § 30172 of this title, such amount is to be properly accounted for as of a different period. In the case of the death of a taxpayer whose taxable income is computed under an accrual method of accounting, any amount accrued only by reason of the death of the taxpayer shall not be included in computing taxable income for the period in which falls the date of the taxpayer’s death. History —Jan. 31, 2011, No. 1, § 1040.03, retroactive to Jan. 1, 2011.