Title 26 — Internal Revenue CodeRelease 119-73
§77 Commodity credit loans
Title 26 › Subtitle Subtitle A— - Income Taxes › Chapter CHAPTER 1— - NORMAL TAXES AND SURTAXES › Subchapter Subchapter B— - Computation of Taxable Income › Part PART II— - ITEMS SPECIFICALLY INCLUDED IN GROSS INCOME › § 77
Summary
Taxpayers can choose to count loans from the Commodity Credit Corporation as taxable income in the year they receive the loan. If they make that choice for any year, they must keep using the same reporting method in later years unless the Secretary allows a change.
Full Legal Text
Title 26, §77
Internal Revenue Code — Source: USLM XML via OLRC
(a)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)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
Notes & Related Subsidiaries
Editorial Notes
Amendments
1976—Subsec. (b). Pub. L. 94–455 struck out “or his delegate” after “Secretary”.
Reference
Citations & Metadata
Citation
26 U.S.C. § 77
Title 26 — Internal Revenue Code
Last Updated
Apr 6, 2026
Release point: 119-73