26 CFR § 1.312-12 - Distributions of proceeds of loans guaranteed by the United States.

---
identifier: "/us/cfr/t26/s1.312-12"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "26 CFR § 1.312-12 - Distributions of proceeds of loans guaranteed by the United States."
title_number: 26
title_name: "Internal Revenue"
section_number: "1.312-12"
section_name: "Distributions of proceeds of loans guaranteed by the United States."
chapter_name: "INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY"
subchapter_number: "A"
subchapter_name: "INCOME TAX"
part_number: "1"
part_name: "INCOME TAXES"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "26 U.S.C. 7805, unless otherwise noted."
regulatory_source: "T.D. 6500, 25 FR 11402, Nov. 26, 1960; 25 FR 14021, Dec. 21, 1960; T.D. 9989, 89 FR 17606, Mar. 11, 2024, unless otherwise noted."
cfr_part: "1"
---


# 1.312-12 Distributions of proceeds of loans guaranteed by the United States.

(a) The provisions of section 312(j) are applicable with respect to a loan, any portion of which is guaranteed by an agency of the United States Government without regard to the percentage of such loan subject to such guarantee.

(b) The application of section 312(j) is illustrated by the following example: