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26 U.S.C. § 77 — Commodity credit loans

submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 99 words · no verdicts yet

in plain englishAI-generated · not legal advice

A farmer who borrows money from the Commodity Credit Corporation can choose to count that loan as taxable income right away, in the year received. Once a taxpayer makes that choice, they must keep using it every year after, unless the IRS approves a switch to a different method.

(a) Election to include loans in income: If a taxpayer receives a loan from the Commodity Credit Corporation, the taxpayer may choose (elect) to treat that loan amount as income and include it in gross income for the year it was received. (b) Effect of election on adjustments for subsequent years: Once a taxpayer makes this election for any tax year, the taxpayer must keep using that same method of computing income in every later tax year — unless the Secretary approves switching to a different method.
the actual law source: uscode.house.gov ↗public domain
(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.

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

history & why it existsrecord from the source credit
  • 1954Enacted · Act of Aug. 16, 1954, ch. 736
  • 1976Amended · Pub. L. 94-455 · 90 Stat. 1834

A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.

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