Title 26 — Internal Revenue CodeRelease 119-73
§77 Commodity Credit Loans
Title 26 › Subtitle Subtitle A— Income Taxes › Chapter 1— NORMAL TAXES AND SURTAXES › Subchapter B— Computation of Taxable Income › Part II— ITEMS SPECIFICALLY INCLUDED IN GROSS INCOME › § 77
Summary
If you receive a loan from the Commodity Credit Corporation, you can choose to treat the loan as income in the year you receive it. Once you make that choice, you must keep using the same method in all later years unless the IRS approves 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