FEDERAL · 26 U.S.C. · Chapter Subchapter B—Computation of Taxable Income
Commodity credit loans
26 U.S.C. § 77
This text of 26 U.S.C. § 77 (Commodity credit loans) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
26 U.S.C. § 77.
Text
(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.
(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.
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Related
Fritz Thompson and Dora M. Thompson v. Commissioner of Internal Revenue
322 F.2d 122 (Fifth Circuit, 1963)
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Source Credit
History
(Aug. 16, 1954, ch. 736, 68A Stat. 25; Pub. L. 94–455, title XIX, §1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834.)
Editorial Notes
Editorial Notes
Amendments
1976—Subsec. (b). Pub. L. 94–455 struck out "or his delegate" after "Secretary".
Amendments
1976—Subsec. (b). Pub. L. 94–455 struck out "or his delegate" after "Secretary".
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Bluebook (online)
26 U.S.C. § 77, Counsel Stack Legal Research, https://law.counselstack.com/usc/26/77.