§ 77 Commodity credit loans

OLRC 119-134 · eCFR 2026-10-19 · 2 regs · 1 amending Acts · cited by 2 sections

Enacted 1954 · Act Aug. 16, 1954, ch. 736 Amended · 1 Acts · From 1939 Code § 123

19541976(a) Election to include loans in income(b) Effect of election on adjustments for subsequent years
Connections Cited by 2 · Cites 0
§ 77 Commodity credit loans
    § 1.77-1 Election to consider Commodity Credit Corporation loans as income.§ 1.77-2 Effect of election to consider commodity credit loans as income.

    Cases: Thompson v. Commissioner, 322 F.2d 122 (5th Cir. 1963); A. B. C. D. Lands, Inc. v. Commissioner, 41 T.C. 840 (1964); De Haven v. Commissioner, 36 T.C. 935 (1961)

    (a) Election to include loans in income Amounts received as loans from the Commodity Credit Corporation shall, at the election of the taxpayer, be considered as income and shall be included in gross income for the taxable year in which received.

    Cited by 2

      (b) Effect of election on adjustments for subsequent years If a taxpayer exercises the election provided for in subsection (a) for any taxable year, then the method of computing income so adopted shall be adhered to with respect to all subsequent taxable years unless with the approval of the Secretary a change to a different method is authorized.

      Textual readingALL OF= method must be adhered to
      “If a taxpayer exercises the election provided for in subsection (a)”
      NOT“unless with the approval of the Secretary a change to a different method is authorized.”
      Amended 1976
      • 1976 Pub. L. 94-455 Pub. L. 94–455 struck out “or his delegate” after “Secretary”.