[Code of Federal Regulations]
[Title 26, Volume 2]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.77-1]

[Page 308]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.77-1  Election to consider Commodity Credit Corporation loans as 
income.

    A taxpayer who receives a loan from the Commodity Credit Corporation 
may, at his election, include the amount of such loan in his gross 
income for the taxable year in which the loan is received. If a taxpayer 
makes such an election (or has made such an election under section 123 
of the Internal Revenue Code of 1939 or under section 223(d) of the 
Revenue Act of 1939 (53 Stat. 897)), then for subsequent taxable years 
he shall include in his gross income all amounts received during those 
years as loans from the Commodity Credit Corporation, unless he secures 
the permission of the Commissioner to change to a different method of 
accounting. Application for permission to change such method of 
accounting and the basis upon which the return is made shall be filed 
with the Commission of Internal Revenue, Washington, D.C. 20224, within 
90 days after the beginning of the taxable year to be covered by the 
return.