FEDERAL · 26 U.S.C. · Chapter 1
Commodity credit loans
Current through Pub. L. 119-102
(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.
Free access — add to your briefcase to read the full text and ask questions with AI
26 U.S.C. § 77 (Commodity credit loans) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Related
Fritz Thompson and Dora M. Thompson v. Commissioner of Internal Revenue
322 F.2d 122 (Fifth Circuit, 1963)
Oliver v. United States
193 F. Supp. 930 (E.D. Arkansas, 1961)
Reeser v. Koons
213 N.E.2d 561 (Illinois Supreme Court, 1966)
Erickson v. United States (In Re Bentley)
79 B.R. 413 (S.D. Iowa, 1987)
Asmussen v. United States
603 F. Supp. 60 (D. South Dakota, 1984)
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".