### Question
What does annual accounting period mean?


### Answer
**Annual accounting period** has the following meaning in *26 CFR § 1.441-1T*:

> the annual period (calendar year or fiscal year) on the basis of which the taxpayer regularly computes his income in keeping his books

#### Citation:
  - *26 CFR § 1.441-1T*
  - Heading: **Title 26—Internal Revenue > PART 1—INCOME TAXES > CHAPTER I—INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY(CONTINUED)**

