§ 77. Commodity credit loans

135 words·~1 min read·/usc/title-26/section-77

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(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.

(Aug. 16, 1954, ch. 736, 68A Stat. 25; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834.)

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Aug. 16, 1954, ch. 736
68A Stat. 25
Pub. L. 94–455, title XIX, § 1906(b)(13)(A)
90 Stat. 1834
Pub. L. 94–455

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§ 77

Commodity credit loans

ActAug. 16, 1954, ch. 736

Stat.68A Stat. 25

Pub. L.Pub. L. 94–455, title XIX, § 1906(b)(13)(A)

Stat.90 Stat. 1834

Pub. L.Pub. L. 94–455

Cites 5Cited by 0 across 0 sources