[Code of Federal Regulations]
[Title 26, Volume 7]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.527-8]

[Page 233-234]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.527-8  Effective date; filing requirements; and miscellaneous provisions.

    (a) Assessment and collections. Since the taxes imposed by section 
527 are taxes imposed by subtitle A of the Code, all provisions of law 
and of the regulations applicable to the taxes imposed by subtitle A are 
applicable to

[[Page 234]]

the assessment and collection of the taxes imposed by section 527. 
Organizations subject to the tax imposed by section 527 are subject to 
the same provisions, including penalties, as are provided for 
corporations, in general, except that the requirements of section 6154 
concerning the payment of estimated tax do not apply. See, generally, 
sections 6151, et. seq., and the regulations prescribed thereunder, for 
provisions relating to payment of tax.
    (b) Returns. For requirements of filing annual returns with respect 
to political organization taxable income, see section 6012 (a) (6) and 
the applicable regulations.
    (c) Taxable years, method of accounting, etc. The taxable year 
(fiscal year or calendar year, as the case may be) of a political 
organization is determined without regard to the fact that such 
organization may have been exempt from tax during any prior period. See 
sections 441 and 446, and the regulations thereunder in this part, and 
section 7701 and the regulations in Part 301 of this chapter 
(Regulations on Procedure and Administration). Similarly, in computing 
political organization taxable income, the determination of the taxable 
year for which an item of income or expense is taken into account is 
made under the provisions of sections 441, 446, 451, 461, and the 
regulations thereunder, whether or not the item arose during a taxable 
year beginning before, on, or after the effective date of the provisions 
imposing a tax upon political organization taxable income. If a method 
for treating bad debts was selected in a return of income (other than an 
information return) for a previous taxable year, the taxpayer must 
follow such method in its returns under section 527, unless such method 
is changed inaccordance with the provisions of Sec. 1.166-1. A taxpayer 
who has not previously selected a method for treating bad debts may, in 
its first return under section 6012 (a) (6), exercise the option granted 
in Sec. 1.166-1.
    (d) Effective date. Except as provided in paragraph (b)(2) of Sec. 
1.527-6 and in paragraph (a) of Sec. 1.527-9, the regulations under 
section 527 apply to taxable years beginning after December 31, 1974.

[T.D. 7744, 45 FR 85735, Dec. 30, 1980; as amended by T.D. 8041, 50 FR 
30817, July 30, 1985]