Internal Revenue Code:Sec. 77. Commodity credit loans

From TaxAlmanac

Location in Internal Revenue 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
       

Statute

    Sec. 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 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.
 

Sources

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

Miscellaneous

                                 AMENDMENTS
      1976 - Subsec. (b). Pub. L. 94-455 struck out ''or his delegate''
    after ''Secretary''.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 1016, 3402 of this title.