text: 26 U.S. Code § 843 - Annual accounting period
  For purposes of this subtitle, the annual accounting period for each insurance company subject to a tax imposed by this subchapter shall be the calendar year. Under regulations prescribed by the Secretary, an insurance company which joins in the filing of a consolidated return (or is required to so file) may adopt the taxable year of the common parent corporation even though such year is not a calendar year.
  Source(Added Mar. 13, 1956, ch. 83, § 4(a),70 Stat. 48; amended Pub. L. 94–455, title XV, § 1507(b)(2),Oct. 4, 1976, 90 Stat. 1740.)
  Amendments
  1976—Pub. L. 94–455inserted provision permitting an insurance company which joins in the filing of a consolidated return to adopt the taxable year of the common parent corporation even though such year is not a calendar year.
  Effective Date of 1976 Amendment
  Amendment by Pub. L. 94–455applicable to taxable years beginning after Dec. 31, 1980, see section 1507(c)(1) ofPub. L. 94–455, set out as a note under section 150.