26 USC § 77 - Commodity credit loans

---
identifier: "/us/usc/t26/s77"
source: "usc"
legal_status: "official_prima_facie"
title: "26 USC § 77 - Commodity credit loans"
title_number: 26
title_name: "INTERNAL REVENUE CODE"
section_number: "77"
section_name: "Commodity credit loans"
chapter_number: 1
chapter_name: "NORMAL TAXES AND SURTAXES"
subchapter_number: "B"
subchapter_name: "Computation of Taxable Income"
part_number: "II"
part_name: "ITEMS SPECIFICALLY INCLUDED IN GROSS INCOME"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Aug. 16, 1954, ch. 736, 68A Stat. 25; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834.)"
---


# § 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.

---

**Source Credit**: (Aug. 16, 1954, ch. 736, 68A Stat. 25; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834.)

## Editorial Notes

### Amendments

1976—Subsec. (b).  struck out “or his delegate” after “Secretary”.