Internal Revenue Code · 26 U.S.C.
§ 77. Commodity credit loans
Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). Compare it with the official text at uscode.house.gov (external site).
Cite as 26 U.S.C. § 77
At a glance
Read from the text, the source credit and the official notes. Not part of the law.
- Status
- In force
- Enacted
- October 4, 1976 by Pub. L. 94–455
- Length
- 2 subsections · 120 words · about 1 min to read
- Cross-references
- cites 0; cited by 2 Code sections and 6 other regulations
- Regulations
- 2 issued under this section
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.
(Aug. 16, 1954, ch. 736, 68A Stat. 25; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834.)
Regulations under this section
Treasury regulations (26 CFR) issued under § 77
Cross-references
Computed from the citations in the text of Title 26 and 26 CFR.
Cited by 2 Code sections
Cited in 6 regulations not issued under it
- § 1.61-4 Gross income of farmers.
- § 1.354-1 Exchanges of stock and securities in certain reorganizations.
- § 1.1016-5 Miscellaneous adjustments to basis.
- § 301.6871(a)-2 Collection of assessed taxes in bankruptcy and receivership proceedings.
- § 301.6873-1 Unpaid claims in bankruptcy or receivership proceedings.
- § 601.109 Bankruptcy and receivership cases.
Amendment history
From the source credit and the official notes, newest first.
- Enacted by Pub. L. 94–455Parts changed in 1976: (b)
Where it sits in the Code
- Subtitle A Income Taxes
- Chapter 1 NORMAL TAXES AND SURTAXES
- Subchapter B Computation of Taxable Income
- Part II ITEMS SPECIFICALLY INCLUDED IN GROSS INCOME
Nearby sections
Official notes
Show the Law Revision Counsel's notes (amendments, effective dates)
Editorial Notes
Amendments
1976—Subsec. (b). Pub. L. 94–455 struck out “or his delegate” after “Secretary”.