26 U.S.C. § 77
Commodity credit loans
United States · Title 26 — INTERNAL REVENUE CODE · Status: effective
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- Citation
- 26 U.S.C. § 77, Commodity credit loans, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/462160
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Full text
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.
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.
Legislative history
The public laws that enacted or amended this section. Tallies are for the whole bill as it passed each chamber — often an omnibus covering far more than this provision — not a vote on this section alone. The law that originally enacted this section predates the public laws loaded here, so only later amendments are listed.
- Tax Reform Act of 1976House: no recorded tallySenate: no recorded tally