A Trust: *

Must generally have a calendar-year accounting period, and the fiduciary may choose any permissible accounting method.

Must have a fiscal-year accounting period, and the fiduciary may choose any proper accounting method.

May elect a calendar-year or fiscal-year accounting period, but the fiduciary must use the accrual method of accounting.

Must have a calendar-year accounting period, and the fiduciary must use a hybrid method of accounting.