---
kind: "section"
citation: "26 U.S.C. § 77"
title: "26"
title_heading: "Internal Revenue Code"
number: "77"
heading: "Commodity credit loans"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/26/77"
units:
  - "Subtitle A — Income Taxes"
  - "Chapter 1 — Normal Taxes and Surtaxes"
  - "Subchapter B — Computation of Taxable Income"
  - "Part II — Items Specifically Included in Gross Income"
---

# §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](/usc/26/1313.md?p=b), 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](/usc/26/1313.md?p=b) exercises the election provided for in [subsection (a)](#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.)

## Notes

### Editorial Notes

### Amendments

1976—Subsec. (b). Pub. L. 94–455 struck out “or his delegate” after “Secretary”.