
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 26USC77]

 
                     TITLE 26--INTERNAL REVENUE 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
 
Sec. 77. Commodity credit loans


(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.

(Aug. 16, 1954, ch. 736, 68A Stat. 25; Pub. L. 94-455, title XIX, 
Sec. 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834.)


                               Amendments

    1976--Subsec. (b). Pub. L. 94-455 struck out ``or his delegate'' 
after ``Secretary''.

                  Section Referred to in Other Sections

    This section is referred to in sections 1016, 3402 of this title.
