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2021 U.S. Code
Title 26 - Internal Revenue Code
Subtitle A - Income Taxes
Chapter 1 - Normal Taxes and Surtaxes
Subchapter B - Computation of Taxable Income
Part II - Items Specifically Included in Gross Income
Sec. 77 - Commodity credit loans
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| 26 U.S.C. § 77 (2021) |
| §77. Commodity credit loans |
|
(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 yearsIf 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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(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
AMENDMENTS
1976—Subsec. (b). Pub. L. 94–455 struck out "or his delegate" after "Secretary". |
| United States Code, 2018 Edition, Supplement 3, Title 26 - INTERNAL REVENUE CODE |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 26 - INTERNAL REVENUE CODE Subtitle A - Income Taxes CHAPTER 1 - NORMAL TAXES AND SURTAXES Subchapter B - Computation of Taxable Income PART II - ITEMS SPECIFICALLY INCLUDED IN GROSS INCOME Sec. 77 - Commodity credit loans |
| section 77 |
| 2021 |
| January 3, 2022 |
| No |
| standard |
| 90 Stat. 1834 |
| Public Law 94-455 |
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