Title 26, Internal Revenue CodeRelease 119-110
§77 Commodity Credit Loans
Title 26 › 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
You may choose to count loans you get from the Commodity Credit Corporation as taxable income in the year you receive them. If you make that choice, you must keep using the same 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)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.
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
Sep 22, 2026
Release point: 119-110