(a) Election to include loans in incomeAmounts 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 yearsIf 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.)
Editorial Notes
Amendments1976—Subsec. (b). Pub. L. 94–455 struck out “or his delegate” after “Secretary”.
Take Action
Your position
Add a comment
to comment on this section.
Annotate the text
Highlight any passage on the Full Text tab to attach a note. Annotations appear on the Annotations tab.