26 U.S.C. § 77
Commodity credit loans
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.
1976—Subsec. (b). Pub. L. 94–455 struck out “or his delegate” after “Secretary”.
Notes of Decisions
Cited in 4
cases, 1963–1987 · leading case: Fritz Thompson v. Comm'r, 322 F.2d 122 (5th Cir. 1963).
Fritz Thompson v. Comm'r, 322 F.2d 122 (5th Cir. 1963). “26 U.S.C.A. § 77 . I. As to the capital gains issue, the tax years involved are 1957 and 1958.”
Reeser v. Koons, 213 N.E.2d 561 (Ill. 1966). “The plaintiffs point out that they elected, as they were permitted to do under the federal statute ( 26 U.S.C.A. § 77 ,) to pay federal income tax on the "loan" they received during the year that they received it, and that when the loan was made the corn was worth much less than…”
Erickson v. United States (In Re Bentley), 79 B.R. 413 (Bankr. S.D. Iowa 1987). “The Court declines to rule upon the Trustee’s alternative request for determination of qualification of 26 U.S.C. § 77 deductions on certain expense items incurred by him as being rendered moot by this decision.”
Asmussen v. United States, 603 F. Supp. 60 (D.S.D. 1984). “26 U.S.C. § 77 provides: (a) Election to include loans in income.”
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