i have a client who inherited property in India. He is considering selling that property. I understand - from my client - that when he sells that property the funds will be put into an account that he is restricted from accessing until the close of the Indian tax year when the tax is paid. So we might have a sale that closes in 2021, but the restrictions on the account don't lapse until sometime in 2022.
for US tax purposes... do we treat this as a sale in the year that it occurs - in 2021? Or when the restrictions lapse on the account and he has access to the funds - in 2022?